今日，半导体设备板块冲高回落，截至收盘，中证云计算与大数据主题指数上涨1.3%，中证芯片产业指数上涨0.4%，中证半导体材料设备主题指数下跌 0.5%，半导体设备ETF易方达（159558）全天净申购达2500万份。Wind数据显示，该ETF此前连续7个交易日获资金净流入，合计6亿元。 浙商证券表示，受先进制程投资及中国半导体自主化浪潮驱动，2024年全球半导体设备销售额达1171亿美元，同比增长10%，根据SEMI预测，2025年全球 半导体设备预计同比增长13.7%至1330亿美元。展望2026年，半导体设备板块将延续AI驱动的高景气度，销售额预计将同比增长10%。 同标的指数中规模居第一 低费率(0.15%+0.05%幕 该指数由50只业务涉及芯 片设计、制造、封装与测 试以及半导体材料、半导 体生产设备等公司股票组 成,聚焦未来计算的核心 硬件环节。 令日 该指数涨跌 0.4% 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半 导体材料和半导体设备的公 司股票组成,聚焦未来计算 的硬件基础环节。 �H 该指数涨跌 -0.5% 每日经济新闻 ...

这家来自苏州工业园区的科技企业，不仅是A股市场"半导体探针卡第一股"，更是科创板开市以来的第600家上市企业，成为这个中国"纳斯达克"发展历程 中的重要里程碑。 上市首日，强一股份开盘价达265.60元/股，较发行价85.09元/股大涨212.14%，市值一度突破330亿元。 成立于2015年8月的强一半导体，总部位于苏州工业园区，主营集成电路晶圆测试所需高端探针卡的研发、设计与制造。 文 | 创客公社产研组 科创板开始以来的第600家上市公司，产自苏州！ 12月30日上午，强一半导体（苏州）股份有限公司（简称"强一半导体"）正式登陆上交所科创板。 探针卡作为晶圆测试的核心器件，其性能优劣直接影响芯片的良率水平与制造成本，被业内称为半导体测试的"试金石"。而全球半导体探针卡市场长期由 美国FormFactor、日本Technoprobe等国际厂商主导。 强一半导体的出现将可能改写行业未来竞争格局。 基于此，强一半导体成功切入高端芯片测试市场，客户包括兆易创新、豪威集团、地平线、摩尔线程等芯片设计厂商，华虹集团、中芯集成宁波等晶圆代 工厂商以及长电科技、盛合晶微、伟测科技等封装测试厂商，同时也吸引到了华为旗下哈 ...

Investment Keywords for 2025 - The article highlights key investment themes for 2025, including AI-driven financial management, proactive retirement planning, and a focus on new consumer trends [2][3] - It emphasizes the importance of understanding market dynamics and adapting investment strategies accordingly [2] AI-Driven Financial Management - AI is deeply integrated into investment processes, providing market analysis, fund diagnostics, and automated reminders for investment decisions, making investing more efficient and informed [5] Proactive Retirement Planning - Young individuals are increasingly taking charge of their retirement planning by utilizing tools like target-date funds (FOF) and commercial pension insurance to build long-term asset portfolios [7] New Consumer Trends - Investment in consumer sectors is shifting towards "emotional value" and "quality-price ratio," focusing on domestic tech products, gold jewelry, and local brands, reflecting changing consumer values in the capital market [9] Investment Philosophy Shift - There is a consensus among conservative investors to prioritize capital preservation while accepting reasonable volatility for returns, leading to increased popularity of "fixed income+" and short- to medium-term bond funds [11] Market Dynamics - The Shanghai Composite Index is expected to surpass 4000 points, symbolizing market confidence and indicating a new equilibrium in A-shares [14] - The 2025 market is characterized by structural and gradual growth, with quality stocks in technology sectors experiencing independent bull markets, shifting investment logic towards deep value exploration [16] Sector Focus - Hard tech sectors, such as AI commercialization and semiconductor independence, are becoming hotspots for investment, with related thematic ETFs and actively managed equity funds showing strong performance [18] - Under global monetary easing and risk-averse sentiment, gold assets are gaining traction, with gold ETFs rapidly growing in scale, becoming an important asset allocation choice beyond stocks and bonds [20]

12月26日，2025上证（无锡）新质生产力研讨会暨第七届上证最佳分析师评选颁奖仪式在江苏省无锡市 举行。在本次会议上，沪硅产业常务副总裁李炜发表了题为《资本助力科创企业发展——中国大硅片： 面向未来再出发》的主题演讲。 "中国大硅片基本实现了自主，甚至在成熟制程领域已经出现'内卷'的局面。"李炜表示，尽管包括大硅 片在内的中国半导体产业已经取得很大发展，但跟其他产业相比，其在全球的产能占比依然非常低，还 具有很大的发展空间。 近年来，国内多家半导体大硅片公司持续通过扩产、收购等多种方式，谋求更大的市场份额。李炜建 议，科创公司要进一步拥抱多元化的资本市场，充分用好、用足资本市场工具。 本土半导体硅片有力支撑产业发展 李炜介绍，全球前五大半导体硅片企业的市场占比均在10%以上，中国半导体硅片公司依然具有很大的 成长空间。 头部厂商并购扩产谋更大市场份额 随着先进制程与AI计算需求的持续增长，全球12英寸硅片需求持续增长。根据SEMI预计，到2029年全 球需求将超过1000万片；但至2025年全球月产能约为840万片，仍存在供应缺口。 看好市场前景，近年以来，沪硅产业、立昂微、有研硅等国内半导体大硅片公司持续 ...

Core Viewpoint - Wallan Technology, one of the "Four Little Dragons" of domestic GPUs, is making significant strides towards becoming the first GPU stock in Hong Kong by planning an IPO to raise approximately HKD 48.55 billion [3][6]. Group 1: IPO Details - Wallan Technology plans to issue 247,692,800 H-shares at a price range of HKD 17.00 to HKD 19.60 per share, with the maximum fundraising amount being approximately HKD 48.55 billion if the upper limit is used [3][8]. - The stock code for Wallan Technology is "6082," and it is expected to officially start trading on the Hong Kong Stock Exchange on January 2, 2026 [3][8]. - The entry fee for investors is approximately HKD 3,959.54 based on the upper limit price [9]. Group 2: Fund Utilization - The funds raised from the IPO will primarily be used to advance the development of next-generation chips such as BR20X and BR30X, as well as to invest in core technologies and enhance commercialization capabilities [12][18]. Group 3: Business Performance - Wallan Technology has accumulated a total of 24 binding orders valued at approximately RMB 821.8 million, along with five framework sales agreements and 24 sales contracts totaling RMB 1.24 billion, indicating a strong potential revenue reserve exceeding RMB 2 billion [14][15][19]. - The company reported rapid revenue growth, with revenues of RMB 62.03 million in 2023 and RMB 589.03 million in the first half of 2025, reflecting a year-on-year increase of 49.9% [20][24]. Group 4: Market Landscape - The smart computing chip market presents both opportunities and challenges, with the market share of Chinese enterprises expected to grow from approximately 20% in 2024 to about 60% by 2029 [28]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other participants [28]. Group 5: Investment and Strategic Decisions - Wallan Technology has attracted significant capital, having completed multiple rounds of financing totaling over RMB 9 billion, with notable investors including Qiming Venture Partners and IDG Capital [31]. - Initially targeting the A-share Science and Technology Innovation Board for its IPO, the company ultimately chose Hong Kong for its diverse investor base and capital acquisition opportunities [33].

据市场研究暨分析机构国际数据资讯（IDC）预估，2025年至2029年台湾晶圆代工产能年复合成长率约 2.8%；美国在台积电亚利桑那州厂扩产，以及三星（Samsung）和英特尔（Intel）增加资本支出，晶圆 代工产能复合成长率达8.4%。 中国因半导体先进制程设备遭到管制影响，主要扩展成熟制程产能，集邦科技预估，2030年中国大陆半 导体成熟制程产能占全球成熟制程产能比重可能达到52%，超越中国台湾的26%，跃居全球半导体成熟 制程最大供应地区。 美国和日本等国争相发展半导体产业，全球半导体产能朝向区域多元化发展，地缘政治牵动半导体产能 布局，市调机构集邦科技预估，至2030年美国半导体先进制程产能将占全球先进制程产能的28%。 日本在台积电熊本厂逐步扩产，以及Rapidus贡献产能，晶圆代工产能复合成长率达10%；欧盟晶圆代 工产能年复合成长率约6.3%。 半导体产业为重要战略物资，不仅美国积极推动半导体在地制造，中国大陆加强半导体自主化，日本、 欧盟、印度等也都强力发展半导体产业。台积电持续深耕中国台湾本土，推升台湾半导体产业进一步成 长。 集邦科技预期，美国半导体先进制程产能将快速扩增，至2030年占 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在AI浪潮推升下，根据IDC 5日最新全球半导体报告预估，2026年整体半导体市场规模将达8,890亿 美元。 IDC资深研究经理曾冠玮表示，在NVIDIA、超微（AMD）等AI GPU大厂与美系云端服务业 者自研AI ASIC芯片带动下，美国稳居全球IC设计龙头；但中国大陆IC设计公司2025年市占率已正 式超越台湾，预计2026年大陆市占可望扩大至约45%，台湾则将滑落至约40%，全球排名退居第三。 曾冠玮指出，台湾IC设计市占会在今年被大陆反超，关键在于「缺少自研AI芯片」；大陆在强劲AI 芯片内需与政策补贴拉抬下，相关IC设计业者快速冒出头，反观台湾除联发科外，多数厂商几乎没有 AI芯片相关营收，即使加上世芯、创意等IC设计服务业者，要追上大陆市占「仍有难度」。 IDC分析，中国大陆IC设计版图得以迅速扩张，主要受惠于半导体自主化政策与内需市场支撑。在美 国制裁下，大陆芯片设计公司持续技术突破，寒武纪等业者的AI芯片出货量明显放大，制造订单多流 向中芯国际等本土晶圆代工厂；兆易创新的NOR Flash、MCU需求畅旺，以及比特币大陆矿机芯片 热销，也为大 ...

Group 1 - The global semiconductor market is projected to reach $889 billion by 2026, driven by AI advancements and companies like NVIDIA and AMD [1] - Chinese mainland IC design companies are expected to surpass Taiwan's market share by 2025, with projections indicating a market share of approximately 45% for mainland China and about 40% for Taiwan by 2026 [1] - The lack of self-developed AI chips is a key factor in Taiwan's declining market share, as most Taiwanese firms, except for MediaTek, have minimal AI chip revenue [1] Group 2 - The rapid expansion of China's IC design landscape is supported by semiconductor self-sufficiency policies and domestic market demand, with companies like Huawei's HiSilicon and Cambricon making significant technological advancements [2] - Despite competitive pressures, Taiwan's critical position in the global semiconductor supply chain remains unchanged, with TSMC's revenue growth rate projected to be between 22% and 26% by 2026, maintaining a market share of approximately 73% [2] - The advanced packaging sector is expected to see a significant increase in TSMC's CoWoS capacity by about 72% by 2026, but demand from AI giants will keep the market in a supply-demand imbalance [2]

Market Overview - The A-share market experienced a collective pullback on October 31, 2025, with the Shanghai Composite Index down by 0.81%, the Shenzhen Component Index down by 1.14%, and the ChiNext Index down by 2.31%. The total trading volume in the Shanghai and Shenzhen markets reached 2,317.8 billion yuan [1]. Innovation Drug Sector - The innovative drug sector saw significant gains, with the top-performing ETFs including the Sci-Tech Innovation Drug ETF managed by Huatai-PB, which rose by 7.71%, and the Sci-Tech Innovation Drug ETF managed by Guotai, which increased by 7.27% [2][3]. - The 2025 ESMO annual meeting, held from October 17 to 21 in Berlin, featured 35 Chinese studies, with 14 presented as formal oral reports, marking a substantial increase from 5 in 2024. The inclusion of 23 studies in the Late-Breaking Abstracts (LBA) category also set a new record [3]. Funding in Innovative Drug Development - From 2015 to 2024, the cumulative financing scale in China's innovative drug sector exceeded 1.23 trillion yuan, providing strong capital support for the industry's explosive growth. Successful research outcomes are expected to attract more funding into innovative drug development, creating a positive feedback loop [4]. Semiconductor Sector - The semiconductor industry in China is undergoing a "collective charge" towards self-sufficiency, driven by external pressures and internal demands. Various regions are launching semiconductor projects, with a focus on vertical integration and filling domestic gaps in key areas such as large silicon wafers and MEMS sensors [6]. ETF Trading Activity - The Short-term Bond ETF (511360) led in trading volume with 40.356 billion yuan, followed by the Hua Bao Tian Yi ETF (211990) with 21.464 billion yuan and the Yin Hua Ri Li ETF (211880) with 20.665 billion yuan [7]. - The 5-Year Local Government Bond ETF (511060) had the highest turnover rate at 212%, indicating strong trading activity in this segment [8]. Upcoming ETF Issuances - Six new ETFs are set to begin fundraising on the upcoming Monday, including the E Fund Hang Seng Automotive ETF and the Southern Hong Kong Stock Dividend ETF, which focus on specific sectors such as automotive and agriculture [9][10].

Core Insights - New Kai Lai's subsidiary Wanliyan has developed a 90GHz bandwidth real-time oscilloscope, positioning itself as a leader in high-end electronic measurement instruments in China, overcoming Western technology restrictions [1][11][14] - The company has also launched two EDA software products with complete independent intellectual property rights, filling a gap in the domestic high-end electronic design software market [2][10][17] - New Kai Lai is seen as a key player in China's semiconductor self-sufficiency movement, with its innovations expected to reshape the industry and investment landscape [7][14][17] Company Overview - New Kai Lai was established in August 2021 and is headquartered in Longgang District, Shenzhen, covering approximately 200,000 square meters with multiple R&D branches across China and plans for international expansion [4][5] - The company operates eight subsidiaries, each focused on achieving breakthroughs in semiconductor manufacturing technologies [6] Product Innovations - Wanliyan's oscilloscope is the first of its kind in China to exceed 60GHz bandwidth, addressing significant supply challenges in high-end electronic measurement instruments [11][16] - The EDA software from Qiyunfang is designed to support seamless switching between domestic and foreign software, reducing development cycles by 40% and enhancing design capabilities [10][17] Market Impact - New Kai Lai's advancements are expected to disrupt the reliance on foreign equipment in the semiconductor industry, with significant purchases from institutions like Shanghai Jiao Tong University indicating growing acceptance of domestic products [15][16] - The launch of these products has led to a positive response in the capital markets, with related stocks experiencing significant gains [17] Strategic Importance - The emergence of New Kai Lai is viewed as a critical signal for the enhancement of China's semiconductor supply chain capabilities, moving from merely filling gaps to establishing foundational technologies [17] - The company's growth trajectory reflects a broader shift in the investment landscape, directing funds towards core technology sectors such as semiconductors and artificial intelligence [17]