【导读】粤芯半导体申报创业板IPO获受理，最近一次融资投后估值253亿元 12月19日，粤芯半导体技术股份有限公司（以下简称粤芯半导体）申报创业板IPO获深交所受理，保荐机构为广发证券。 粤芯半导体被称为"广州第一芯"，是广东省自主培养且首家进入量产的12英寸晶圆制造企业，专注于模拟芯片制造，最近一次外部股权融资对应的投后估 值为253亿元。 | | | ■ 粤芯半导体技术股份有限公司 | | | --- | --- | --- | --- | | 已受理 2025-12-19 | 已问询 | 上市委会议 | 提交注册 注册结果 | | 项目基本信息 | | | | | 公司全称 | 粤芯半导体技术股份有限公司 | 公司简称 | 奧芯半导体 | | 受理日期 | 2025-12-19 | 更新日期 | 2025-12-19 | | 审核状态 | 已受理 | 预计融资金额(亿元) | 75 | | 保荐机构 | 广发证券股份有限公司 | 保荐代表人 | 蒋迪,杨华川 | | 会计师事务所 | 致同会计师事务所 (特殊普通合伙) | 签字会计师 | 余文佑,林梓韧 | | 律师事务所 | 北京市康达律师事务所 | ...

【导读】粤芯半导体申报创业板 IPO 获受理，最近一次融资投后估值 253 亿元 中国基金报记者 邱德坤 12 月 19 日， 粤芯半导体技术股份有限公司（以下简称粤芯半导体） 申报创业板 IPO 获深交所受理，保荐机构为广发证券。 粤芯半导体被称为 " 广州第一芯 " ，是广东省自主培养且首家进入量产的 12 英寸晶圆制造企业，专注于模拟芯片制造，最近一次外部股 权融资对应的投后估值为 253 亿元。 提示内生增长动力强劲 实现盈亏平衡时间相对较长 随着粤芯半导体正式冲击创业板 IPO ，其近年来的财务数据得以公开。 2022 年至 2024 年及 2025 年上半年，粤芯半导体的归母净利润分别为 -10.43 亿元、 -19.17 亿元、 -22.53 亿元及 -12.01 亿元。 招股书（申报稿）显示， 2022 年、 2023 年、 2024 年及 2025 年上半年，粤芯半导体的营业收入分别为 15.45 亿元、 10.44 亿元、 16.81 亿元及 10.53 亿元。 粤芯半导体在招股书（申报稿）中表示，公司的内生增长动力强劲，持续经营能力稳步增强，其中 2024 年的营业收入同比增长 61.0 ...

Group 1 - The core viewpoint of the news highlights the significant movements in the A+H chip industry chain, with various stocks experiencing notable gains, indicating a bullish sentiment in the market [1][3] - The first ETF focusing on the "Hong Kong stock chip" industry chain (159131) has been launched, which tracks a composite index consisting of 70% hardware and 30% software, targeting semiconductor, electronics, and computer software sectors [3][4] - The ETF includes 42 Hong Kong hard tech companies, with notable weightings for SMIC at 20.48%, Xiaomi Group-W at 9.53%, and Hua Hong Semiconductor at 5.80%, excluding major internet firms like Alibaba and Tencent [3][4] Group 2 - The demand for AI computing power is robust, with both global and Chinese AI computing markets maintaining high growth, driven by strong downstream demand and policy support [3] - The listing of Mu Xi Co., dubbed the "second GPU chip stock," on the STAR Market saw its stock price surge over 700%, reflecting investor enthusiasm for domestic AI chip companies [1][3] - The domestic AI computing chip industry is expected to continue its rapid development, supported by favorable policies and significant market opportunities [3]

12月5日，有两只新股申购，为科创板的昂瑞微（688790.SH）和沐曦股份（688802.SH）；另有一只新 股上市，为科创板的摩尔线程（688795.SH）。 客户方面，公司射频前端芯片产品已在荣耀、三星、vivo、小米、OPPO、联想（moto）、传音、 realme等知名品牌终端客户实现规模销售，同时，射频SoC芯片产品已导入阿里、拼多多、小米、联 想、客户C、客户D、比亚迪、九号、台铃、汉朔、三诺医疗、凯迪仕、华立科技、惠普、客户G、 Remote Solution等知名工业、医疗、物联网客户。 值得注意的是，昂瑞微提醒投资者，公司存在持续亏损和累计未弥补亏损的风险。考虑到市场景气度、 行业竞争、客户拓展、供应链管理等影响经营结果的因素较为复杂，公司的营业收入可能无法持续增 长，存在未来一段时期内持续亏损的风险。 两只新股申购 昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企业。公司 主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 | いフォ｣ﾂﾊ別♪何 ハイス 天 | 10.96 | 53.02% | | --- | --- | --- ...

Core Viewpoint - The IPO of Moer Thread, known as the "first domestic GPU stock," is set to be the largest on the STAR Market this year, with an expected fundraising total of 8 billion yuan, marking it as the second-largest IPO in the A-share market this year [1][4]. Group 1: IPO Details - Moer Thread's IPO price is set at 114.28 yuan per share, with a total issuance of 70 million shares, of which 14 million shares (20%) were allocated for strategic placement [2][4]. - The online subscription saw 4,826,579 valid applications, resulting in a final winning rate of approximately 0.036% [1][3][6]. - The company achieved a record for the fastest IPO review on the STAR Market, taking only 88 days from acceptance to approval [4]. Group 2: Market Demand and Investor Interest - The strong interest in Moer Thread's IPO reflects the growing demand for domestic AI computing power and the ongoing development of the GPU-related industry [5][7]. - During the preliminary inquiry phase, Moer Thread received bids from 286 institutional investors, with a total subscription amounting to 72.9 billion shares [5][6]. Group 3: Company Performance and Financials - Moer Thread has launched four generations of GPU architectures, focusing on AI computing, high-performance computing, and graphics rendering [8]. - The company has not yet achieved profitability, reporting losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan from 2022 to 2024, primarily due to high R&D expenditures [8]. - Despite losses, Moer Thread's revenue has shown significant growth, increasing from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208% [8]. Group 4: Strategic Importance of the IPO - The IPO is seen as a critical step for Moer Thread to secure funding for the development of next-generation AI and graphics chips, with plans to raise 8 billion yuan for various R&D projects [9]. - The STAR Market's supportive policies for unprofitable tech companies highlight its role in facilitating financing for high-tech enterprises with substantial R&D investments [9][10].

Market Performance - The Shenzhen Component Index and ChiNext Index opened lower but rose throughout the day, with the ChiNext Index increasing by over 3% at one point and closing up 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 28.8 billion from the previous trading day [1][2] - A total of 1,689 stocks rose while over 3,500 stocks fell across the market [1] Sector Performance - The consumer sector saw a significant surge towards the end of the trading day, with stocks like Haixin Food, Guangbai Co., Dongbai Group, and Sanjiang Shopping hitting the daily limit [2] - The semiconductor and electronics sectors performed well, with stocks such as Changguang Huaxin, Mingwei Electronics, and Dongxin Co. reaching their daily limit, and Zhongji Xuchuang hitting a new historical high with a market cap exceeding 600 billion [5] - The military industry sector weakened, with Jiuzhiyang dropping over 12% [6] Corporate News - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of the 2026 fiscal year, with AI-related product revenue growing at triple-digit rates for nine consecutive quarters [5] - Shanghai Chip-on-Wafer announced the successful completion of testing for its first 350nm stepper lithography machine, marking a significant breakthrough in high-end semiconductor lithography equipment [5] - Vanke's bonds experienced significant declines, with "22 Vanke 02" dropping over 30% during trading, leading to a second trading halt [7][9] - Vanke A shares fell by 2.5%, reaching a new low, while its Hong Kong shares dropped over 6%, marking a decline below 4 HKD, the lowest since September 2024 [9]

Market Overview - On November 26, the Shenzhen Component Index and the ChiNext Index opened lower but closed higher, with the ChiNext Index rising over 3% at one point and closing up 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion CNY, a decrease of 28.8 billion CNY compared to the previous trading day [1] - A total of 1,689 stocks rose while over 3,500 stocks fell [1] Consumer Sector - The consumer sector saw a significant surge towards the end of the trading session, with stocks like Haixin Food, Guangbai Co., Dongbai Group, and Sanjiang Shopping hitting the daily limit [1] - Other stocks such as Huanlejia and Yike Food also experienced rapid increases [1] Semiconductor and Electronics Sector - The semiconductor and electronics sectors performed well throughout the day, with active trading in optical modules, optical communication, and optical chip stocks [2] - Notable stocks included Changguang Huaxin, Mingwei Electronics, and Dongxin Co., which all hit the daily limit with a 20% increase [2] Individual Stock Performance - Zhongji Xuchuang saw a significant increase of over 13%, reaching a historical high with a market capitalization exceeding 600 billion CNY [3] - The stock has risen nearly 500% over the past 120 trading days and has a year-to-date increase of 342% [3][4] Alibaba Financial Results - Alibaba reported a 34% year-on-year growth in cloud revenue for the second quarter of the 2026 fiscal year, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters [5] - The company’s self-developed AI inference chip series, along with continuous iterations of domestic AI chips from Huawei and Cambricon, is expected to reduce reliance on overseas computing power [5] Bond Market and Vanke - Vanke's bonds experienced a significant drop, with "22 Vanke 02" falling over 30% during trading and closing down over 17% [7] - The stock of Vanke A also fell by 2.5%, reaching a new low, while its Hong Kong stock dropped over 6% [9] - Vanke is set to receive a shareholder loan of up to 22 billion CNY from the Shenzhen Metro Group to repay public market bond principal and interest [9]

Core Insights - The report highlights the accelerating competition and cooperation in advanced manufacturing between China and the US, particularly in the semiconductor, general aviation, and innovative pharmaceuticals sectors [6][11][18]. Semiconductor Industry - China is rapidly catching up in the semiconductor sector, focusing on self-sufficiency in AI chip production amidst a global supply chain heavily dominated by the US [2][19]. - The semiconductor industry has a complex global supply chain with multiple stages, where the US leads in high-value design and equipment, while China excels in manufacturing and testing [19][24]. - In terms of market share, China and the US together account for nearly 60% of global semiconductor sales, with the US holding a significant supply share of over 50% compared to China's less than 10% [22][24]. - China's semiconductor trade has been in a long-term deficit, with a projected deficit of $226.67 billion in 2024, while the US maintains a trade surplus of $10.25 billion [27][28]. - US semiconductor companies exhibit stronger fundamentals, with revenue and net profit significantly higher than their Chinese counterparts, and a return on equity (ROE) median approximately four times that of A-share companies [31][32]. General Aviation Industry - The US holds a first-mover advantage in the general aviation sector, while China is leveraging low-altitude economic policies to drive innovation and transformation [3][12]. - The global demand for general aviation aircraft is evenly distributed, with China and North America each accounting for about 20% of the market, but the US dominates supply with Boeing and Airbus [3][12]. - China's aerospace sector has a long-term trade deficit, while it is a leading exporter of drones [3][14]. - Current market performance shows that US aviation equipment companies outperform their Chinese counterparts in terms of scale and ROE [3][14]. Innovative Pharmaceuticals Industry - The US leads in the innovative pharmaceuticals sector, but Chinese companies are making significant strides in original innovation and international expansion [4][17]. - The pharmaceutical market share remains stable, with the US holding about 40% and China around 10%, primarily focusing on generic drugs [4][17]. - Both countries face trade deficits in pharmaceuticals, but Chinese innovative drug companies have accelerated their international presence, with increasing license-out revenues [4][19]. - US innovative pharmaceutical companies show better fundamentals, with many Chinese companies' valuations hovering around historical averages [4][20]. Market Outlook - The report anticipates a continuation of the mid-to-long-term technology market trends, with advanced manufacturing sectors like semiconductors, general aviation, and innovative pharmaceuticals presenting significant investment opportunities [7][18].

Group 1: ETF Performance - The Sci-Tech Chip ETF had a turnover rate of 5.7% during the trading session, with a transaction volume of 1.81 billion yuan [3] - Over the past two weeks, the ETF's scale increased by 580 million yuan, ranking first among comparable funds [3] - In the last month, the ETF's share increased by 1.371 billion shares, also ranking first among comparable funds [3] - In the last 23 trading days, there were net inflows on 16 days, totaling 2.708 billion yuan [3] - As of July 31, the ETF's net value rose by 60.91% over the past year, ranking first among comparable funds [3] - The ETF's highest single-month return since inception was 25.18%, with the longest consecutive monthly increase being 4 months and an average monthly return of 8.19% [3] Group 2: Industry Insights - Ping An Securities noted that the smart driving SoC chip industry is accelerating its upgrade, presenting historic development opportunities for domestic suppliers [3] - Domestic chip companies with independent IP development capabilities and automotive-grade mass production experience are expected to dominate the mid-to-high-end smart driving chip market [3] - Guosen Securities indicated that the U.S. AI action plan may further restrict semiconductor exports, promoting self-sufficiency in domestic manufacturing, equipment, and materials [4] - Google raised its annual capital expenditure to 85 billion USD, driven by the growing demand for AI infrastructure [4] - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Chip Index accounted for 57.59% of the index, including companies like Cambricon, SMIC, and Haiguang Information [4]

Core Viewpoint - Xiaomi's self-developed SoC chip "Xuanjie O1" is set to be officially released in late May, marking a significant milestone in the company's decade-long journey in chip development and a pivotal moment in the global semiconductor industry [1][9]. Group 1: Development Timeline - Xiaomi's chip development began in October 2014 with the establishment of Pinecone Electronics, leading to the release of the first self-developed SoC, Surge S1, in February 2017 [3][5]. - Over the years, Xiaomi has built a research team of over 1,000 people and released various chips, including Surge C1, P1, and G1, accumulating experience in chip design [3][5]. Group 2: Technical Features of Xuanjie O1 - Xuanjie O1 utilizes TSMC's 4nm process and features a "1+3+4" tri-cluster architecture, with performance comparable to Qualcomm's Snapdragon 8 Gen2 [7]. - The chip integrates UWB technology for smart interactions with Xiaomi's automotive products, indicating a strategic move towards a comprehensive ecosystem [7][8]. - Key technological innovations include a dual-brain architecture for enhanced AI performance, a RISC-V open instruction set to bypass ARM patents, and silicon photonic interconnect technology for improved memory bandwidth [8]. Group 3: Strategic Implications - The launch of Xuanjie O1 is seen as a critical step in Xiaomi's ecosystem strategy, positioning the company as a unique player with capabilities in self-developed mobile chips, automotive brands, and a full ecosystem [8][9]. - Xiaomi's dual supply chain strategy aims to mitigate geopolitical risks while planning to transition to domestic manufacturing by 2026, despite potential performance trade-offs [9]. Group 4: Industry Context and Challenges - The release of Xuanjie O1 occurs amid a global chip war, with increasing restrictions on semiconductor technology, highlighting the importance of self-sufficiency in China's chip industry [9][10]. - Despite the progress, challenges remain, including the need for significant investment in chip development and the cultivation of market trust in domestic chips [9][10].