证监会官网最新披露显示，上海思朗科技股份有限公司已在上海证监局完成IPO辅导备案登记，正式启动上市进程，国泰海通证券担任本次 辅导机构。这只脱胎于中科院自动化所的半导体独角兽，正带着完全自主研发的芯片架构，向资本市场发起冲击，为国产集成电路产业再 添新动能。 思朗科技成立于2016年6月，自诞生之初便锚定"自主创新"赛道。其核心研发团队源自中国科学院自动化研究所，创始人王东琳博士深耕芯 片领域30余年，早在2009年就萌发了打造国产自主芯片架构的设想，历经6年技术攻坚，于2015年完成MaPU内核验证，为公司成立奠定坚 实基础。作为专注于国产自主处理器内核研发、芯片设计和应用的高科技企业，思朗科技凭借独特的技术路径，迅速成长为半导体领域的 标杆性独角兽企业。 支撑思朗科技冲击资本市场的核心，是其100%自主知识产权的万亿次代数运算微处理器（MaPU）架构。这种被称为"软ASIC"的创新架 构，突破性地融合了ASIC的高性能、FPGA的可编程性与CPU的灵活性，计算资源利用率高达90%以上，远超传统架构不足50%的水平，在 边缘计算场景下可实现功耗降低40%、计算效率提升3倍的显著优势。截至目前，思朗科技围绕M ...

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the domestic high-end RF chip sector and showcasing China's capabilities in independent innovation in this core area [3][6]. Company Overview - Angrui Micro was established in 2012 and specializes in the design and sales of RF front-end chips, RF SoC chips, and other analog chips. The company is recognized as a national-level "little giant" enterprise focusing on specialized and innovative technologies [6]. - The company has developed high-integration 5G L-PAMiD products that meet international advanced and domestic leading standards, breaking the long-standing monopoly of international manufacturers [5]. Financial Performance - On its listing day, Angrui Micro's stock opened with a surge of 188.95%, reaching 240 CNY per share, resulting in a total market capitalization of 23.888 billion CNY [3]. - According to the prospectus, by the first half of 2025, the revenue from RF front-end chips is projected to be 688 million CNY, accounting for 81.47% of total revenue, while RF SoC chip revenue is expected to be 151 million CNY, making up 17.91% [5]. Market Position and Client Base - Angrui Micro's RF front-end chips are already integrated into the supply chains of major smartphone brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO. The RF SoC chips have entered the supply chains of companies like Alibaba, Pinduoduo, BYD, and Ninebot [5]. - The company is actively expanding into specialized markets such as smart retail, healthcare, and smart logistics, promoting diversified applications of RF SoC chips [5]. Future Plans - The funds raised from the IPO will primarily be used for the R&D and industrialization of 5G RF front-end chips and modules, RF SoC chips, and the construction of headquarters and R&D centers, aiming to strengthen the company's technological leadership and industry position in the RF chip sector [8]. - The chairman of Angrui Micro emphasized the commitment to compliance, transparency, innovation, and responsibility, aiming to leverage capital market resources to enhance core competitiveness and reward investor trust [8]. Industry Context - The successful listing of Angrui Micro, along with the recent listing of Moore Threads, represents a new chapter for the integrated circuit industry in Haidian District, positively impacting the regional ecosystem [9]. - Haidian District is home to over 240 integrated circuit companies, including 12 listed firms and more than 40 national-level "little giant" enterprises, fostering a collaborative innovation development pattern [8].

Core Viewpoint - The A-share chip sector is experiencing strong growth, with significant inflows into the Sci-Tech Chip 50 ETF, indicating sustained investor confidence in the high-growth chip sector [1][3]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF (588750) saw a volume increase of 1.52%, attracting over 14 million yuan in the last trading day, with total inflows exceeding 120 million yuan in the past 20 days [1]. - The Shanghai Sci-Tech Chip Index (000685) rose by 1.55%, with notable gains from constituent stocks such as SiRuPu (688536) up 7.04% and Lanqi Technology (688008) up 6.33% [3]. Group 2: Industry Trends - The global semiconductor market is entering an upward cycle, with a projected sales growth rate of 17% in 2024, and a 15.1% year-on-year increase in net profit for the chip sector in Q1 2025 [3][4]. - The rapid advancement of AI is expected to drive a second growth curve for the chip industry, with major internet companies planning to invest an average of 110 to 120 billion yuan annually in cloud and AI infrastructure over the next three years [4]. Group 3: Domestic Development - The need for domestic innovation in Electronic Design Automation (EDA) is becoming increasingly urgent due to overseas export restrictions on AI chips and EDA software, with domestic market penetration currently below 20% [3]. - The Chinese semiconductor industry is expected to see a significant increase in wafer fabrication capacity, with 32 new fabs planned by the end of 2024, focusing on mature processes [5].

Core Viewpoint - The recent inclusion of 54 Chinese entities, including major server companies, on the U.S. Entity List is expected to impact the AI infrastructure and server market in China, potentially leading to increased prices and supply chain challenges [2][4][7]. Group 1: Impact of U.S. Entity List Inclusion - The U.S. Department of Commerce has added 54 Chinese entities to its Entity List, affecting companies in high-performance computing and quantum technology [2]. - Notable companies affected include Inspur Group and its subsidiaries, which may face restrictions in acquiring critical AI chips from U.S. suppliers [4][5]. - Following the announcement, Inspur's stock price fell by 2.89%, indicating a relatively calm market reaction, as companies had anticipated this outcome [3]. Group 2: Market Dynamics and Responses - The inclusion on the Entity List is expected to compel affected companies to seek alternative solutions, potentially fostering domestic innovation in server technology [7]. - Despite the challenges, some industry experts believe that there are still channels to acquire AI servers, although costs are likely to rise due to reduced supply options [8]. - The server market share data indicates that Inspur ranks second globally and first in China, while Ningchang also holds a top position domestically, highlighting their significance in the AI server market [7]. Group 3: Future Implications - The restrictions on U.S. chip purchases will likely increase operational costs for domestic companies relying on NVIDIA GPUs, which are already in high demand [8]. - There are concerns that the potential ban on NVIDIA's H20 GPU in China could further escalate costs and hinder the development of AI infrastructure [8].