中经记者 孙汝祥 夏欣 北京报道 实际上，不止中微公司，在政策红利释放与产业升级需求双重驱动下，科创板半导体头部企业正掀起一 场聚焦"补链强链、价值协同"的并购热潮。 2025年，华海清科（688120.SH）、中芯国际（688981.SH）、华虹公司（688347.SH）、沪硅产业 （688126.SH）、芯联集成（688469.SH）、概伦电子（688206.SH）等龙头企业的标志性交易稳步推 进。 而"科创板八条"发布以来，科创板公司累计新披露并购交易150余单，超七成已顺利完成。 业内人士认为，2025年科创板半导体板块的并购潮，既彰显了中国半导体产业从"量的积累"向"质的飞 跃"跨越的核心逻辑，也反映了头部企业由"国产化"向"全球一流"进阶的战略目标。 随着披露案例基数扩大，终止案例随之增加。业内人士分析，这并非产业整合遇冷，而是市场化并购回 归理性的必然表现。半导体行业作为新质生产力的核心赛道，经过不断选择，并购市场才会进入理性繁 荣的新阶段。 向全球第一梯队平台型企业看齐 12月18日，中微公司披露，该公司正在筹划通过发行股份的方式购买杭州众硅控股权并募集配套资金。 科创板半导体设备龙头中微公司 ...

科创板半导体设备龙头中微公司（688012.SH）日前公告，公司正在筹划购买杭州众硅电子科技有限公 司（以下简称"杭州众硅"）控股权。 中微公司创始人、董事长兼总经理尹志尧在接受《中国经营报》记者采访时表示，这是中微公司通过并 购和有机生长，在五年内成为设备集团平台公司的起点。 实际上，不止中微公司，在政策红利释放与产业升级需求双重驱动下，科创板半导体头部企业正掀起一 场聚焦"补链强链、价值协同"的并购热潮。 2025年，华海清科（688120.SH）、中芯国际（688981.SH）、华虹公司（688347.SH）、沪硅产业 （688126.SH）、芯联集成（688469.SH）、概伦电子（688206.SH）等龙头企业的标志性交易稳步推 进。 而"科创板八条"发布以来，科创板公司累计新披露并购交易150余单，超七成已顺利完成。 12月18日，中微公司披露，该公司正在筹划通过发行股份的方式购买杭州众硅控股权并募集配套资金。 公告显示，杭州众硅主营业务为高端化学机械平坦化抛光（CMP）设备的研发、生产及销售，并为客 户提供CMP设备的整体解决方案；主要产品为12英寸的CMP设备。 中微公司的主要产品是等离子体刻 ...

DWS发布2025年12月市场展望，DWS全球首席投资总监Vincenzo Vedda提到，1996年时任美联储主席格 林斯潘曾以"非理性繁荣"形容当时科技热潮引发的股市泡沫，最终该泡沫于2000年3月破裂。如今部分 科技股估值再次达到极高水平，但情况已大不相同，更倾向称之为由人工智能驱动的"理性繁荣"。不 过，当首轮AI热潮过后，市场将更关注如此庞大的AI资本开支最终能否真正提升企业效率。 这亦意味着，投资者挑选企业时需要更加审慎。Vedda强调，并非所有AI企业都会成为最终赢家。以往 多数牛市都在经济衰退中告终，但在当前情况下出现衰退的机会不高，尤其是企业盈利增长依然稳健， 而后续减息预期亦有望带来正面支持。正因如此，Vedda对2026年投资市场前景持乐观看法。然而， Vedda亦提醒，这并不代表市场不会出现调整。毕竟，目前美国科技股估值已攀至相当高的水平，而部 分领域（例如数据中心）甚至可能已出现产能过剩。 另一项不容忽视的风险，是部分企业为了加大投资而承受较高的负债比率。有鉴于此，Vedda认为投资 者在来年必须保持跨区域、跨行业、跨投资风格及跨货币的多元化配置。在股票配置方面，投资者可考 虑欧洲中 ...

Group 1: AI and Economic Impact - AI-related investments are projected to contribute 1.57 percentage points to the US GDP growth in the first half of 2025, surpassing the contribution from private consumption [6] - The nominal value added from data processing services in the US GDP has increased significantly, reaching 1.75%, while manufacturing's share has dropped below 10% for the first time since 1995 [10] - The real value added per capita in AI-related industries has grown at an annualized rate of 12.66%, significantly higher than the 1.56% growth in manufacturing [13] Group 2: AI and Employment - The penetration of AI technology in the workforce is still low, with only 6 out of 20 major industries exceeding a 10% usage rate [31] - The impact of AI on employment is overstated, as the current job weakness is more related to the previous interest rate hikes rather than AI [31][34] - AI's primary utility remains in information search and marketing, with limited adoption in enhancing productivity through new workflows [39] Group 3: AI and Financial Sector - The capital expenditures of tech companies are increasing, raising concerns about the sustainability of AI spending, particularly among major players like Microsoft and Amazon [50][51] - The total issuance of bonds by hyperscaler companies reached $103.8 billion in 2025, indicating a significant reliance on external financing [56] - The rapid growth of private credit, particularly in the tech sector, raises concerns about transparency and potential vulnerabilities in the financial system [72]

Core Insights - The Chinese consumer market is undergoing a significant transformation characterized by a shift towards "rational prosperity" amidst ongoing uncertainties and emerging internal dynamics [1] Group 1: Financial Prudence and Consumer Behavior - 29% of households have not yet recovered their income to pre-pandemic levels, with the 25-34 age group experiencing the most significant impact, showing a 30.1% reduction in income [3] - Non-essential consumer goods have seen a substantial contraction due to financial pressures on this demographic, leading to a sluggish recovery in the durable goods market [3] Group 2: Health-Centric Consumption - Health has become the primary focus for consumers in their purchasing decisions, driving a 35.8% increase in the disinfectant and cleaning product category [5] - The competition landscape across various categories is being reshaped by health attributes, influencing products from functional beverages to skincare [5] Group 3: Environmental Awareness - The implementation of the "plastic restriction" policy has led consumers to incorporate environmental considerations into their purchasing decisions, with a growing emphasis on the actual experience of product sustainability [7] Group 4: Essential Goods and Quality Upgrade - Essential goods are experiencing growth, with food consumption increasing by 33.8% and daily necessities by 26.5% [9] - Consumers are pursuing quality in essential goods, reflecting a "rational prosperity paradox" where they remain cautious with non-essential purchases while seeking premium options in essential categories [9] Group 5: Redefining Value for Money - 73.6% of consumers identify "product quality assurance" as a core characteristic of good brands, while 58.6% prioritize "affordable pricing," leading to a redefinition of value for money from low price to high-quality at a low price [11] Group 6: Home-Centric Lifestyle - The "stay-at-home" lifestyle has evolved into a preferred way of living, with a 55.6% increase in home fitness participation, while outdoor fitness has only grown by 3.9% [13] - The home is transforming into a multifunctional space for work, study, exercise, and entertainment, creating opportunities for products suited for home environments [13] Group 7: Generational Consumption Gaps - Distinct preferences among different age groups are creating diverse consumption opportunities, with younger consumers (16-34 years) showing increased home-based activities, while older consumers (35-59 years) are returning to outdoor activities [16] Group 8: Channel Dynamics and O2O Integration - The consumer channel landscape is undergoing profound restructuring, with O2O models becoming essential for connecting online and offline experiences [18] - There is a shift towards a "full-domain retail" era, necessitating companies to build integrated channel networks to meet diverse consumer shopping needs [20] Group 9: Regional Consumption Trends - There is a notable regional differentiation in consumption patterns, with lower-tier cities showing higher growth rates in "entertainment" and "social" consumption compared to higher-tier cities [21] - This trend opens new growth opportunities for businesses to establish experiential consumption venues in lower-tier cities [23] Group 10: Rise of Local Identity - Consumer enthusiasm for domestic products has evolved from cultural symbols to recognition of technological advancements, with local manufacturing becoming synonymous with quality [24] - Companies are encouraged to leverage this trend by focusing on cultural empowerment and technological innovation to enhance brand value in the "national trend 3.0" era [24] Conclusion - The post-pandemic Chinese consumer market is experiencing profound changes, necessitating companies to innovate across product, channel, and marketing dimensions to navigate from survival anxiety to rational prosperity [26]