风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发 布于2017.6.23。材料中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗 下任何基金的持仓信息和交易动向。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付 和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金 法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示 其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎！基金 银河证券2月8日研报《半导体行业周点评丨半导体板块有所回调，长期发展趋势不改》指出，长期来 看，以AI算力、国产CPU为代表的先进设计领域发展趋势不改，但是竞争或将拓展至编程工具、底层设 计方案等领域。摩尔线程推出的AI Coding Plan智能编程服务，在国产AI算力生态建设上迈出了关键一 步。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF——全市场首只聚焦"港股芯片"产业链的港股 信息技术ETF（159131），标的指数由"70% ...

2月9日，芯片半导体产业链卷土重来，港股方面，鸿腾精密、上海复旦涨逾10%，中芯国际涨超4%。 全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）跳空高开后震荡走强，场内价格收涨 2.80%，单日成交额超8272万元。 | | | 分时 $E 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘角盘后 品加 光糖 面线 工具 @ 2 > | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.920 | | | | 159131 战股信息技术ETF] 11:19 价 0.912 篮数 0.019(2.13%) 均价 0.910 威交量 11 IOPV 0.9136 1... | | | | 3 0236 | | 0.918 +0.025 +2.80% | | | | | monom | | with the promote with and the | - 200 | | | 1.51% | | SZSE CNY 15:00:00 00市 在看L ...

证券日报网讯1月26日，怡亚通（002183）在互动平台回答投资者提问时表示，算力方面，公司控股子 公司卓优云智已交付多个AI算力平台；此外，公司通过旗下子公司卓怡恒通构建覆盖龙芯、飞腾、海 光、鲲鹏等六大国产CPU平台的技术矩阵，形成"智能通用硬件+行业解决方案+工业物联"三维一体的产 品体系。未来公司将会坚定向科技驱动型企业转型。 ...

①AI算力+国产CPU，交付多个AI算力平台，构建覆盖龙芯、飞腾、海光、鲲鹏等六大国产CPU的技术矩 阵，这家公司通过投资掌握SSD控制器核心环节； ②人形机器人+AI服务器，人形机器人海外新订单加速 增长并积极扩产，这家公司控股子公司为海外AI服务器提供铜连接模组。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

龙芯中科披露，营收增长业绩改善主要系收入量价齐升、毛利率水平提升所致。 龙芯中科预计，2025年到2027年将会是公司新一轮增长周期。在东海证券看来，龙芯中科是国内唯一具 备系列化CPUIP核授权条件的企业，目前公司支持其他国家芯片企业形成其自主品牌CPU，已取得实质 性进展，后续或将创造稳定且持续性的营收来源。 从行业发展来看，国海证券认为，CPU是计算机的"大脑中枢"，架构设计追求"通用性"——能够处理各 种复杂逻辑、分支判断、串行任务，是支撑所有系统运行的基础，其核心特点是"少核心、高主频、强 缓存"。在超节点技术创新、AI推理需求及AI算力产业链景气共振等多重驱动下，CPU市场有望进入涨 价周期。其中，中国市场CPU格局相较海外更为集中，供需关系或将更为紧张。 1月23日晚间，国产CPU(中央处理器)龙头企业龙芯中科技术股份有限公司(以下简称"龙芯中科")发布 2025年业绩预告，预计公司2025年年度实现营业收入6.35亿元左右，比上年同期增长26%左右；归属于 母公司所有者的净利润亏损4.5亿元左右，与上年同期相比，预计减少亏损1.76亿元左右。 具体来看，龙芯中科介绍，报告期内，公司坚持政策性市 ...

Core Insights - The domestic CPU market is entering a critical development phase, with increasing market scale and applications in key sectors such as finance, education, energy, and transportation [1] - The shipment volume of desktop CPUs in key sectors is expected to grow from approximately 2 million units in 2022 to about 4 million units in 2024, and potentially reach 9-9.5 million units by 2027, with a compound annual growth rate (CAGR) of 35%-40% from 2022 to 2027 [1] - The server CPU shipment volume is projected to increase from 1.1-1.3 million units in 2022 to 1.8-2 million units in 2024, and reach 2.8-3 million units by 2027, with a CAGR of around 20% [1] - Zhaoxin's General Manager Wang Weilin emphasized the importance of improving the usability of domestic CPUs to gain user acceptance [1] Company Overview - Zhaoxin Integrated was established in 2013 and is preparing for an IPO, with revenue projected to grow from 340 million yuan in 2022 to 889 million yuan in 2024, representing a CAGR of 61.71% [2] - The company reported a narrowing loss of 676 million yuan in 2023, a year-on-year increase of 7.03%, with losses expected to rise to 951 million yuan in 2024 [2] Product Development - Zhaoxin has developed multiple generations of its proprietary CPU architecture, with core counts ranging from dual-core to 96-core and clock speeds from 1.6GHz to 3.7GHz [4] - The KX-7000 desktop processor, released in 2023, has performance comparable to AMD's Ryzen 5 4500 CPU, and has been commercially deployed by brands such as Lenovo and Tsinghua Tongfang [4] - The company plans to raise 4.169 billion yuan through its IPO to invest in new server and desktop processor projects, as well as advanced technology research and development [7] Market Position and Challenges - Despite the growth of domestic CPUs, Intel and AMD continue to dominate the global CPU market, with Intel projected to generate $53.1 billion in revenue and AMD $25.8 billion in 2024 [7] - Zhaoxin has developed a complete intellectual property system for its ZX86 instruction set, ensuring independence from Intel's licensing issues [6] - The company aims to adopt a more open strategy in technology applications and collaborations to support the entire domestic server industry ecosystem [7]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its IPO application to the Sci-Tech Innovation Board, marking a significant step in its market expansion and technological development [1][2]. Company Overview - Zhaoxin Integrated focuses on the research, design, and sales of general-purpose processors (CPUs) and supporting chips, including desktop processors, server processors, and embedded processors [1]. - The company has established a fully autonomous design process and has developed its own instruction set, enabling it to innovate and evolve its CPU microarchitecture independently [1]. Market Position and Financial Performance - Zhaoxin has achieved a leading market position in the domestic desktop PC market, with its CPUs being the most widely used in products from major manufacturers like Lenovo and Inspur [2]. - The company reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 61.71% [2]. Breakthroughs in Medical Sector - Zhaoxin has made significant inroads in the medical sector, winning a bid for over 6,000 medical desktop PCs against major competitors Intel and AMD, indicating the growing competitiveness of domestic CPUs [2]. - The company’s processors support the latest x86 instruction sets and have successfully developed and mass-produced six generations of high-performance general-purpose processors [3]. Ecosystem and Collaboration - Zhaoxin has established a wide ecosystem with nearly 4,000 partners in system integration, software, and hardware, collaborating with major domestic operating system vendors to complete over 200,000 software and hardware adaptation projects [4]. - The company provides comprehensive support for medical institutions, ensuring the stable operation of critical applications like electronic medical records and telemedicine platforms, while also protecting patient privacy data [4].

Core Viewpoint - Longxin Zhongke (688047.SH), a leading domestic processor manufacturer, is set to launch two new products, the 3C6000 and 2K3000, in the first half of 2025, with expectations for mass sales next year [1][2] Group 1: Product Development - The 3C6000 is a next-generation server processor, while the 2K3000 targets industrial control and mobile terminal applications [1] - The 3C6000 series has achieved performance levels comparable to mainstream server CPUs in the international market as of 2023 [1][2] - The 2K3000 processor features a 64-bit octa-core SoC with a maximum frequency of 2.2/2.5GHz, integrating graphics and AI computing capabilities [1] Group 2: Market Performance - Longxin Zhongke's stock surged by 14.89% to 149.59 yuan on September 16, 2023, reflecting increased market interest in domestic CPU manufacturers [2] - Another domestic CPU manufacturer, Haiguang Information (688041.SH), also saw a stock increase of 6.26%, closing at 246 yuan with a trading volume exceeding 10 billion yuan [2] Group 3: Industry Landscape - Haiguang Information's products include high-end general-purpose processors and co-processors, widely used in various sectors such as telecommunications and finance [3] - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has submitted an IPO application to raise 4.169 billion yuan for new processor projects, indicating a growing interest in the domestic CPU sector [3][4] - Zhaoxin's revenue for 2022, 2023, and projected for 2024 is approximately 340 million, 555 million, and 889 million yuan, respectively, with net losses reported [4] Group 4: Strategic Importance - The development of domestic CPUs is crucial for information security and the establishment of a self-controlled industrial chain, as CPUs are foundational to information system security [4]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 4.169 billion yuan for various processor projects and R&D initiatives [1][2]. Company Overview - Zhaoxin Integrated was established in 2013 and is a state-owned enterprise headquartered in Shanghai, with subsidiaries in Beijing and Xi'an [2][3]. - The company focuses on the research, design, and sales of high-end general-purpose processors and associated chips, with key products including the "KaiXian" and "KaiSheng" series processors [3]. Financial Performance - Revenue for Zhaoxin Integrated was reported as 340 million yuan in 2022, 555 million yuan in 2023, and is projected to reach 889 million yuan in 2024, reflecting a compound annual growth rate of 61.71% [9]. - The company has incurred net losses of 727 million yuan, 676 million yuan, and 951 million yuan for the years 2022, 2023, and 2024 respectively, totaling approximately 2.354 billion yuan in cumulative losses [9]. - R&D expenditures were 984 million yuan, 988 million yuan, and 813 million yuan for the same years, representing 289.50%, 178.00%, and 91.44% of the respective revenues [9]. Market Position and Valuation - According to Hurun Research Institute, Zhaoxin Integrated is valued at 18.5 billion yuan, while other listed domestic CPU manufacturers have significantly higher valuations, such as Haiguang Information at 310.5 billion yuan and Longxin Zhongke at 48.4 billion yuan [4][6]. - The company has established partnerships with over 3,000 collaborators, resulting in over 200,000 software and hardware adaptation projects [7]. Product Development and Innovation - Zhaoxin Integrated has achieved significant breakthroughs in CPU design, including mastering the entire underlying source code and core microarchitecture design technology [7]. - The company has developed a comprehensive independent innovation system, covering instruction set expansion, microarchitecture design, interconnect architecture design, and IP design [6]. Revenue Composition - The majority of Zhaoxin Integrated's revenue comes from the "KaiXian" series processors, contributing 87.76%, 90.58%, and 86.32% of total revenue for the years 2022, 2023, and 2024 respectively [13][14].

Core Viewpoint - The article highlights the recent IPO progress of several semiconductor companies in China, indicating a growing trend in the semiconductor industry and potential investment opportunities. Group 1: IPO Progress of Semiconductor Companies - Multiple semiconductor companies, including equipment manufacturers and material suppliers, have announced their IPO advancements, such as Zhongke Instrument, Chengdu Super Pure, and Xinshi Technology [1] - Zhongke Instrument has completed its IPO counseling report and plans to list on the Beijing Stock Exchange after previously attempting to list on the Shanghai Stock Exchange [2] - Chengdu Super Pure has initiated its IPO counseling with Huatai United Securities, focusing on semiconductor etching devices and high-power laser devices [5][6] - Xinshi Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 785 million yuan for two major projects [8][12] Group 2: Company Profiles and Market Position - Zhongke Instrument specializes in dry vacuum pumps and vacuum instruments, essential for semiconductor manufacturing processes [3] - Chengdu Super Pure is recognized for its advanced surface treatment processes and high-purity materials, contributing to the semiconductor etching device market [5] - Xinshi Technology is a leading domestic manufacturer of semiconductor-grade perfluoroether rubber seals, breaking the monopoly of foreign companies in this sector [9][11] Group 3: Financial Performance and Projections - Xinshi Technology projects revenues of 130.47 million yuan and 207.55 million yuan for 2023 and 2024, respectively, with a net profit of 32.81 million yuan and 63.09 million yuan [12] - Zhongke Instrument's IPO journey reflects its strategic adjustments and readiness for the capital market, indicating strong governance and compliance [2] Group 4: Industry Trends and Competitive Landscape - The semiconductor industry in China is witnessing a shift towards domestic production capabilities, with companies like Xinshi Technology achieving significant market share and technological advancements [11][24] - The competitive landscape is evolving, with domestic firms increasingly challenging foreign dominance in critical components and technologies [11][19]