公众号记得加星标⭐️，第一时间看推送不会错过。 近日，通富微电子股份有限公司（证券代码：002156，简称 "通富微电"）发布 2026 年度向特定对象发行 A 股股票募集资金 使用的可行性分析报告，计划募资不超过 44 亿元，聚焦存储芯片、汽车电子、晶圆级封装、高性能计算及通信等核心领域的产 能提升，并补充流动资金及偿还银行贷款，全面强化公司在半导体封测行业的综合竞争力。 通富微电表示，本次募资项目均围绕主营业务展开，符合国家产业政策与公司发展战略。项目实施后，公司将进一步优化产能 布局、提升技术实力，增强在存储、车载、先进封装等核心领域的竞争力，有效把握下游市场增长机遇。同时，总资产与净资 产规模的增长将提升公司抗风险能力，推动经营业绩与盈利能力持续改善，符合公司及全体股东的长远利益。目前，各项目均 已按规定推进报批程序，为顺利实施奠定坚实基础。 （来源 ：半导体行业观察根据通富微电公告汇总 ） | )ਤੇ 름 | 项目 | 项目投资总额 | 拟使用募集资金 | | --- | --- | --- | --- | | | | | 投入 | | 1 | 存储芯片封测产能提升项目 | 88,837.47 | ...

1 隔夜市场 美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%；明星科技 股表现分化，阿斯麦涨超近9%，美光科技涨超10%，二者股价均创历史新高；AMD涨超4%，英伟达涨超1%， 谷歌微涨；特斯拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%，苹果微跌。纳斯达克中国金龙指数涨 4.38%，迎来"开门红"，中概股普涨，百度收涨15%，哔哩哔哩、网易涨超7%，阿里巴巴涨超6%，京东涨近 3%。 美油主力合约收跌0.16%，报57.33美元/桶；布伦特原油主力合约跌0.08%，报60.8美元/桶。 现货黄金涨0.24%，报4329.32美元/盎司；COMEX黄金期货涨0.02%，报4341.90美元/盎司。现货白银涨1.4%， 报72.6624美元/盎司；COMEX白银期货涨2.35%，报72.27美元/盎司。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.13%报24521.49点，法国CAC40指数涨0.56%报8195.21点，英 国富时100指数涨0.2%报9951.14点。 2元旦假期首日全社会跨区域人员流动量超2亿人次 1月2日，记者从交通运输部获 ...

每经编辑｜陈鹏程 王晓波 1 隔夜市场 美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%；明星科技股表现分化，阿斯麦涨超近9%，美光科技涨 超10%，二者股价均创历史新高；AMD涨超4%，英伟达涨超1%，谷歌微涨；特斯拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%，苹果微跌。纳斯达克中 国金龙指数涨4.38%，迎来"开门红"，中概股普涨，百度收涨15%，哔哩哔哩、网易涨超7%，阿里巴巴涨超6%，京东涨近3%。 美油主力合约收跌0.16%，报57.33美元/桶；布伦特原油主力合约跌0.08%，报60.8美元/桶。 现货黄金涨0.24%，报4329.32美元/盎司；COMEX黄金期货涨0.02%，报4341.90美元/盎司。现货白银涨1.4%，报72.6624美元/盎司；COMEX白银期货涨 2.35%，报72.27美元/盎司。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.13%报24521.49点，法国CAC40指数涨0.56%报8195.21点，英国富时100指数涨0.2%报9951.14点。 2 元旦假期首日 全社会跨区域人员流动量超2亿人次 1月 ...

随着人工智能大模型的爆发式发展，算力需求激增，而接口IP作为连接芯片内部计算单元与外部存储、其他芯片的"高速公 路"，其性能直接决定了整个算力系统的传输效率与协同能力。芯耀辉科技联合创始人、董事长曾克强强调，公司正是瞄准这一 核心环节，致力于通过自主可控的全栈式国产接口IP解决方案，助力中国大模型算力芯片的构建与实现，成为中国半导体产业 强链补链的关键支撑。 资本市场对芯耀辉的发展前景给予了高度认可。今年5月，公司成功完成B轮融资，吸引了中国互联网投资基金、上海国投等国 家级及地方重量级投资机构，以及新华投控、国投聚力、上海国际集团等知名资本的参与。此次融资资金将主要用于加速核心 技术创新、深化产业生态构建，以及推动国产半导体IP的规模化市场应用。这笔资金的注入，无疑将为芯耀辉在上市前后持续 加大研发投入、巩固技术护城河、拓展市场份额提供强劲动力。 从完成B轮融资到快速推进并完成上市辅导，芯耀辉的发展步伐紧凑而有力。在半导体产业自主可控的国家战略背景下，作为产 业链上游关键环节的IP企业，芯耀辉被赋予了重要的产业使命。公司负责人明确表示，其目标是成为中国领先的半导体IP公 司，成为产业强链补链的关键力量。 随 ...

AI 周期驱动半导体行业进入十年维度大周期，预计 2030 年全球半导体 设备市场规模将突破 1 万亿美元，AI 下游应用复合增速达 18%，显著 拉动半导体需求，为国内半导体设备行业带来机遇。 国内半导体产业自主可控需求迫切，设计端算力芯片仍依赖海外，但推 理阶段本土供应商性价比优势显现；制造端成熟制程国产化率较高，先 进逻辑制程产能受限但逐步增加；存储端国产化率低，NAND 领域有望 追平国际水平。 政策支持对国内半导体产业发展至关重要，国家及地方政府积极推动全 产业链国产化，解决依赖海外供应问题，并为本土企业提供更多发展机 会，促进 fab 厂相关政策出台。 国内智能支架和手机芯片市场需求旺盛，对代工月需求在 7 万片以上， 但目前 10 纳米以下先进制程产能仅为 3.25 万片左右，7 纳米产能约为 2 万片，存在至少 5 万片的扩展空间，设备投资需求巨大。 Q&A 明年（2026 年）半导体设备行业的投资策略是什么？ 明年的投资策略主要围绕存储展开。无论是扩产带来的受益，还是订单增长， 或者从 0 到 1 的突破，基本上都集中在存储领域。此外，国内互联网大厂明年 的资本开支规划非常可观，这表明对算力 ...

其中工业与物联网领域包括海康威视、大华股份、长城电源、TTI、欧司朗照明、京东方、汇川技术等；消费类电子领域包括三 星、松下、联想、小米、TCL等；新能源领域包括德赛、欣旺达、英飞源、禾迈等；网络通信领域包括华为、中兴、诺基亚、 富士康等；汽车领域包括比亚迪、恩坦华、日本电装等。 维安股份是一家专注于电路保护与功率控制的综合解决方案提供商，主营业务涵盖电子元件、功率半导体分立器件与模拟集成 电路的研发、生产和销售。其核心产品分为电路保护产品与功率控制产品两大类，这两类产品是确保电子设备安全、可靠、高 效运行的关键基础元器件。 公司的发展路径清晰：以电路保护业务为起点，顺应产业内在逻辑，持续向功率控制领域拓展深化。目前，两大业务体系已形 成显著的技术协同与市场协同效应，共同构筑了公司的核心竞争力。在电子设备日益集成化、智能化的趋势下，其产品的重要 性愈发凸显。 凭借可靠的产品性能与技术实力，维安股份已成功打入众多国际及国内知名企业的供应链体系，建立了长期稳定的合作关系， 客户群质量优异。其产品广泛应用于多个国民经济重要领域。 据证监会最新披露，上海维安电子股份有限公司（以下简称"维安股份"）已于近日正式向上海证 ...

Core Viewpoint - The report from the China Securities Regulatory Commission indicates that GF Securities has completed the guidance work for the initial public offering of Yu Xin Semiconductor, marking the company's readiness to enter the domestic capital market [1][6]. Group 1: Company Overview - Yu Xin Semiconductor, established in December 2017 and headquartered in Guangzhou, is the first 12-inch wafer manufacturing platform in Guangdong Province, addressing the region's semiconductor supply issues [3]. - The company has rapidly expanded from consumer-grade chips to industrial and automotive-grade chips, boasting the largest 12-inch chip production capacity in Guangdong and the Greater Bay Area [3][4]. Group 2: Production and Growth - As of the end of 2023, Yu Xin Semiconductor has shipped over 800,000 wafers, with a year-on-year growth of 23.7% in analog chip production, establishing itself as a significant player in the domestic analog chip manufacturing sector [4]. - The company has completed multiple rounds of financing, attracting major industry and financial investors, and has been listed in the Hurun Global Unicorn List for three consecutive years (2022-2024) with a valuation of 16 billion RMB [4]. Group 3: Expansion Projects - The first phase of the project involves an investment of 10 billion RMB, focusing on 0.18-micron to 90-nanometer analog chips, achieving a monthly production of 40,000 12-inch wafers [5]. - The second phase, with an investment of 18.8 billion RMB, targets high-end analog chip technologies, adding another 40,000 wafers per month [5]. - A third phase is set to begin construction in 2022, aiming for completion by the end of 2024, which will increase total capacity to over 90,000 wafers per month [5]. Group 4: Industry Collaboration and Governance - Yu Xin Semiconductor collaborates with GAC Aion to promote the localization of automotive-grade chips and has established partnerships with universities and research institutions to enhance industry-academia cooperation [6]. - The company has a decentralized shareholding structure with no controlling shareholder, and its governance structure has been deemed compliant and ready for public listing [6].

本周最后一个交易日，指数午后进一步上行，半导体产业链延续强势。临近收盘，上游半导体设备ETF（561980）涨1.46%，成分股京仪装备大涨8.85%，天 岳先进、上海新阳、中科飞测涨超5%，安集科技、拓荆科技、芯源微、北方华创等多股拉升。 | | 体设备ETF(561980 | | Q C | | --- | --- | --- | --- | | | 1.875 +0.027 +1.46% | | | | 新闻 简况 | 资金 | 持仓 | 公告 | | 里巴服示 | | | | | 重仓持股占比总计 | | | 99.03% | | 股票名称 | | 涨跌幅 | 净值占比 | | 中微公司 | | +0.70% | 15.86% | | 科 688012 | | | | | 寒武纪-U | | +0.66% | 14.30% | | 科 688256 | | | | | 北方华创 | | +1.27% | 13.74% | | sz 002371 | | | | | 中本国际 | | +0.67% | 9.17% | | 图 688981 | | | | | 海光信息 | | 40.84% | 8.20 ...

2025.11. 21 本文字数：1557，阅读时长大约3分钟 作者 | 第一财经 魏中原 国家集成电路产业投资基金有限公司（下称"大基金一期"）正在加速回收投资的步伐，继续推进其对 早期投资项目的退出。 本周，两家科创板半导体公司燕东微（688172.SH）与拓荆科技（688072.SH）相继发布公告，披 露了大基金一期的减持计划，减持金额或超30亿元，再次引发市场对该产业基金资本运作的关注。 拟减持两家半导体龙头，回收资金或超30亿 半导体设备厂商拓荆科技11月20日晚间发布公告称，公司收到了股东大基金一期的减持计划告知 函。 大基金一期计划在2025年12月12日至2026年3月11日，通过大宗交易方式减持公司股份不超 过843.5万股，即不超过公司总股本的3%。 截至三季度末，大基金一期目前是拓荆科技的第一大股东，持股比例高达19.57%，持股数量 5502.67万股，所持股份全部为IPO前取得。大基金一期此次减持仅通过大宗交易进行，对二级市场 的直接冲击相对较小，3%的减持比例表明了其回收资金的节奏有所加快。 前日（19日）晚间，燕东微发布公告，公司持股5%以上股东大基金一期，因自身经营管理需要， ...

Company Overview and Research Background - Shanghai Micro Electronics Equipment (Group) Co., Ltd. (SMEE) is a leading enterprise in China's lithography machine sector, with its restructuring process attracting significant attention in the capital market and industry [2] - In October 2024, SMEE withdrew its IPO guidance application and opted for a backdoor listing, a strategic shift that reflects the increasing urgency for self-sufficiency in the semiconductor supply chain amid escalating Sino-U.S. tech competition [2] - The restructuring is crucial not only for the company's development prospects but also for China's semiconductor equipment industry to break through technological blockades and achieve independent innovation [2] Restructuring Plan and Shareholding Structure Adjustment - SMEE's restructuring plan features an "asset split + backdoor listing" approach, with plans to split its front-end lithography machine assets into Yuliangsheng and establish a new company, Chip-on-Micro Technology, for its back-end lithography machine business [4] - Shanghai Guotou has become the absolute controlling shareholder of SMEE, increasing its shareholding to 45.36% through the transfer of shares from Shanghai Electric Group and Shanghai Kechuang Group [4] - The restructuring is characterized by a "split + integration" model, with Chip-on-Micro Technology focusing on advanced packaging equipment and achieving over 500 lithography machine shipments within six months of its establishment [4] Regulatory Approval Progress - SMEE's restructuring is undergoing a complex and stringent review process, but it has been placed on a "green channel," potentially shortening the approval period to 30 working days [5] - The restructuring requires compliance with specific conditions, including a change in control and asset purchases exceeding 100% within 60 months, necessitating strict scrutiny from the China Securities Regulatory Commission (CSRC) [5] - The introduction of the "merger six rules" policy has simplified the review process, emphasizing support for strategic enterprises rather than profitability [5] Transaction Execution Progress - Key milestones in SMEE's restructuring include the completion of shareholding adjustments and the establishment of Chip-on-Micro Technology, indicating significant progress in business restructuring [6] - Market expectations value SMEE at approximately 600 billion yuan, based on its technological strength and market position, particularly in the 28nm lithography machine production breakthrough [6] - Asset evaluation, auditing, and legal due diligence are likely progressing smoothly, with a formal showcase of Chip-on-Micro Technology at the Bayxin Exhibition on October 15, 2025, indicating readiness for public display [6] Market Reaction and Media Coverage - The market has shown a mix of cautious optimism and heightened attention towards SMEE's restructuring, with related stocks experiencing notable price increases [7] - Several potential backdoor listing targets have issued clarification announcements denying involvement in SMEE's restructuring, reflecting market volatility and uncertainty [7] - Analysts have differing views on SMEE's valuation, with estimates ranging from 300 billion to 700 billion yuan, influenced by varying assessments of the company's technological capabilities and market outlook [7] Restructuring Timeline Prediction - Historical analysis of semiconductor mergers indicates varying timelines based on transaction complexity and regulatory environments, with simpler cases completing in as little as five days [9] - The overall trend shows that from 2020 to 2025, there have been nearly 270 merger and restructuring cases in the semiconductor industry, with 2024 seeing a peak of over 60 cases [10] - The predicted completion timeline for SMEE's restructuring ranges from December 2025 in an optimistic scenario to June 2026 in a conservative scenario, depending on regulatory approvals and transaction complexities [16][17] External Investment Layout - SMEE has made external investments in 10 companies, controlling 6, with a clear focus on the semiconductor industry chain and related technology sectors [19] - The majority of SMEE's investments occurred between 2003 and 2006, with recent activities indicating a resurgence in investment, particularly in 2022 and 2023 [20] - The total investment amount exceeds 1.3 billion yuan, with significant investments in companies like Shanghai Dongshu Investment Development Co., Ltd. and Shanghai Weiyao Industrial Co., Ltd. [20] Investment Layout by Industry Sector - SMEE's external investments are characterized by a focus on semiconductor equipment, extending upstream and downstream within the industry [21] - The company emphasizes vertical integration in the semiconductor equipment sector, with investments in specialized manufacturing and service companies [21] - Investments in emerging technology fields, such as smart sensors and automotive electronics, reflect SMEE's strategic foresight and alignment with national priorities for self-sufficiency [22][24] Key Investment Project Analysis - Shanghai Yixin Industrial Co., Ltd. is a crucial investment for SMEE, focusing on semiconductor device manufacturing and sales, enhancing control over the semiconductor equipment supply chain [23] - The joint venture with China Electronics Technology Group 45th Research Institute for Shanghai Micro Precision Machinery Engineering Co., Ltd. leverages existing technological expertise in lithography machine development [23] - Investments in companies like Shanghai Chip Material Technology Co., Ltd. and Shanghai Anzhixin Automotive Integrated Circuit Co., Ltd. highlight SMEE's commitment to emerging technology sectors and the automotive market [24] Investment Strategy Characteristics and Future Outlook - SMEE's investment strategy is marked by a clear focus on integrating the semiconductor equipment supply chain through strategic investments [25] - The company aims to achieve technological synergies through partnerships, reducing R&D risks while enhancing its competitive edge [26] - Future investments are expected to target core semiconductor technologies, materials, and cutting-edge fields like third-generation semiconductors and quantum chips, aiming to secure a leading position in future technology [30]