10月9日，北京昂瑞微电子技术股份有限公司(简称"昂瑞微")科创板IPO迎来新进展，上交所官网显示，上交所上市审核委员会定于10月15日召开 2025年第42次上市审核委员会审议会议，审核昂瑞微首发事项。 10月9日，北京昂瑞微电子技术股份有限公司（简称"昂瑞微"）科创板IPO迎来新进展。上交所官网显示，上交所上市审核委员会定于10月15日召开2025年第 42次上市审核委员会审议会议，审核昂瑞微首发事项。 昂瑞微保荐机构为中信建投证券股份有限公司（简称"中信建投证券"）保荐代表人张悦，汪家富。会计师事务所为中审众环会计师事务所（特殊普通合伙） 签字会计师徐超玉，杨磊、律师事务所为广东信达律师事务所签字律师魏天慧，易明辉，杨阳，何凌一。 在国产半导体替代的浪潮中，昂瑞微一组鲜明的反差摆在眼前：一方面，收入从 2022 年的 9.23 亿元一路攀升至 2024 年的 21.01 亿元，复合年增长率高达 50.88%；另一方面，净利润持续为负，2022 年至 2024 年分别为 -2.90 亿元、-4.50 亿元、-0.65 亿元。扣非后净利润表现更差，分别为-4.74亿元、-3.01亿元 和-1.10亿元。截至 ...

瞭望塔财经发现，在国产半导体替代的浪潮中，昂瑞微近三年营收从9.23亿元跃升至21.01亿元，年复合增长率达50.88%。然而，高速增长的表面下，公司 持续亏损、经营现金流持续为负、存货高企、客户集中度高风险等问题，以及实控人通过特别表决权机制掌控公司而股权仅占微不足道的3.86%的结构，都 构成了这家芯片企业IPO之路上的暗礁。 瞭望塔财经前言：钱永学仅凭3.86%的股权，却通过特别表决权掌控着62.43%的表决权，这艘年营收超20亿的芯片巨轮正驶向科创板，而船上却装着高存 货、负现金流与大幅下滑的业绩。 瞭望塔财经了解到，北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微"）的科创板IPO申请将于10月15日上会审核，这家号称打破国际垄断的芯片企业 背后，隐藏着诸多令人担忧的隐患。 1、特别表决权：控制权与股权背离的治理隐患 昂瑞微的股权与控制权结构呈现出令人担忧的背离。公司实际控制人钱永学直接持股比例仅为3.86%，却通过特别表决权机制掌控了高达62.43%的表决权。 这种股权结构让钱永学能够对公司的重大决策、重要人事任命和经营方向实施决定性影响，而与其实际投入资本严重不匹配。 从公司治理角度看，这种结构 ...

Group 1 - The core narrative of the article revolves around the potential for China to create its own "NVIDIA" in the AI era, as evidenced by the recent rise of Cambrian, which has surpassed Kweichow Moutai in stock price [1][11] - Cambrian's stock price surged by 15.73% on August 28, reaching 1587.91 yuan per share, with a trading volume exceeding 26 billion yuan, although its market capitalization stands at 664.3 billion yuan, about one-third of Moutai's [1][2] - The article highlights the shift in market focus from traditional consumer goods, represented by Moutai, to AI computing power, marking a new narrative in the capital market [4][6] Group 2 - Cambrian's stock has seen a remarkable increase, with a monthly rise exceeding 100% and a year-to-date increase of over 2500%, leading to a market capitalization surpassing 600 billion yuan [3][4] - The company has recently reported a revenue growth of 4347.8% in the first half of 2025, achieving a net profit exceeding 1 billion yuan, which has helped dispel doubts about its profitability [6][7] - Institutional investors, including major ETFs and high-profile investors, have shown strong interest in Cambrian, further boosting its stock performance [6][7] Group 3 - The article draws parallels between Cambrian and NVIDIA, noting that both companies are experiencing rapid growth and market enthusiasm, but also face the risk of valuation bubbles [9][10] - NVIDIA's recent financial performance, with revenue reaching 46.7 billion USD and a significant increase in its data center business, reflects the broader trends in the AI sector [9][10] - The cautious sentiment among investors regarding the sustainability of AI growth is echoed in Cambrian's trajectory, suggesting that both companies are at different stages of a similar market narrative [10]

Group 1 - The arrest of Xu Zewei, an IT engineer at Shanghai Jita Semiconductor, in Italy has raised international concerns, particularly due to the involvement of U.S. authorities and allegations of hacking related to COVID-19 vaccine research [2][3]. - Xu is accused of being part of the "Hafnium" hacking group, which allegedly infiltrated the University of Texas's research systems in 2020, leading to multiple charges including computer fraud and identity theft [2][3]. - The timing of the arrest, coinciding with Xu's travel to Italy, which has an extradition treaty with the U.S., has sparked discussions about the motivations behind the U.S. actions and the implications for U.S.-China technology competition [3][4]. Group 2 - Shanghai Jita Semiconductor focuses on automotive chips and power semiconductor research and production, showing significant progress in domestic semiconductor replacement efforts [3]. - The company received substantial state financing in 2023, and its technological achievements have been publicly patented, indicating a strong position in the semiconductor industry [3]. - The incident is viewed as part of the broader context of U.S. "long-arm jurisdiction" policies, which have previously targeted Chinese tech professionals abroad under the guise of national security [3].

转自：新华财经 新华财经上海5月19日电 上周公募调研热情依旧较高。公募排排网数据显示，上周（2025年5月12日-5 月18日）共有125家公募机构参与到A股公司调研，调研范围覆盖到76个申万二级行业中的210只个股， 合计调研频次达972次。 从被调研频次来看，69只个股上周被调研不少于5次，其中46只个股被调研5-9次，16只个股被调研10- 19次，7只个股被调研不少于20次。 | 上周公募调研次数前十个股 | A 股简称 | 申万二级行业 | 被调研频次(次) | 周度涨跌幅(%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子化学品 II | 安集科技 | -2.54 | 57 | 奥比中光 | 光学光电子 | 30 | -2. 98 | | 化学制药 | 华东医药 | 4.72 | 29 | 海大集团 | 饲料 | 1.61 | 21 | | 德明利 | 半导体 | -3.10 | 21 | 仕佳元子 | 通信设备 | | | | 8.03 | 20 | 阳光诺和 | 医疗服务 | -1.46 | 20 | | | | ...