已覆盖五大产品线。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，成都星拓微电子科技股份有限公司（以下简称"星拓微电子"）于2025年12月31 日同中金公司签署辅导协议，正式启动A股IPO进程。 成立于2019年的星拓微电子专注提供互联芯片解决方案，构建了端到端全系列互联芯片，已覆盖时 钟及通用接口芯片、PCIe 接口芯片、存储接口芯片、网络接口芯片、电源管理芯片五大产品线；多 款关键产品（包括PCIe 5.0 Retimer、PCIe Bridge、PCIe Switch、时钟芯片等）已实现量产并 规模化应用，广泛服务于数据中心、智能机器人、工业互联网、新能源汽车、消费电子、医疗电子等 行业。 同时，星拓微电子还布局成都、北京、上海、深圳等七大研发中心，累计获得230 余项发明专利授 权。 成立至今，星拓微电子已获得兴旺投资、天际资本、耀途资本、弘晖基金、嘉御资本、招银国际等知 名机构的投资。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 小马智行 ｜ 地平线 ｜ 文远知行 蜜雪冰城 ｜ 古茗 ...

SHMET 网讯：日本首相高市早苗的内阁于周五批准了下一财年创纪录的近7850亿美元预算，旨在通过 限制新债发行，在其积极的财政政策与对债务失控的担忧之间取得平衡。 面对不断上升的政府债券收益率和疲软的日元，高市早苗政府已加紧努力向投资者保证，政府不会诉诸 不负责任的债务发行或减税。 这份将于明年年初提交国会的、从4月开始的新财年预算，总额将达到创纪录的122.3万亿日元（约合 7846.3亿美元），超过今年115.2万亿日元的初始预算。 尽管如此，新发行政府债券的额度仅将从今年的28.6万亿日元小幅增加至29.6万亿日元，债务依赖率将降 至24.2%，为1998年以来的最低水平。预计将创纪录地增加7.6%至83.7万亿日元的更高税收收入，将有助于为 增加的支出提供资金，尽管这并不能完全抵消激增的债务偿付成本，以及更高的社会福利和国防开支。 用于利息支付和债务偿还的偿债成本将跃升10.8%，达到31.3万亿日元，设定的假设利率为3.0%，这是29 年来的最高水平，因为日本央行正在退出超宽松货币政策。 日本已经是发达世界中债务负担最重的国家，其债务规模是其经济规模的两倍多，这使其对借贷成本的 上升高度敏感，并使 ...

本报讯 （记者袁传玺）天眼查工商信息显示，近日，昆仑芯（北京）科技有限公司发生工商变更，企 业名称变更为昆仑芯（北京）科技股份有限公司，注册资本由约2128万元增至4亿元 ...

需要强调的是，目前谈判仍在进行中，相关条款仍可能发生变化。有知情人士指出，若亚马逊的融资落地，OpenAI 可能会顺势启动一轮更大规模的融 资，引入更多投资方。 据 The Information 报道，亚马逊正与 OpenAI 就一笔规模可能超过 100 亿美元的投资展开谈判，其中一位人士称，相关交易对应的 OpenAI 估值将高于 5000 亿美元。 这笔潜在投资，首先将缓解 OpenAI 在算力上的巨大资金压力。过去一年，OpenAI 已对外做出多项长期服务器租赁承诺，其中就包括亚马逊云服务 AWS。就在上个月，OpenAI 宣布将在未来七年内向 AWS 支付 380 亿美元用于服务器租赁，使 AWS 成为其至少五家云服务商之一，共同支撑其人工智能 模型的研发与运行。 对亚马逊而言，这笔交易还有另一层现实意义：为其自研的 Trainium AI 服务器芯片寻找一个重量级客户。目前，OpenAI 主要依赖英伟达的 AI 芯片，而 知情人士透露，作为讨论中的交易条件之一，OpenAI 计划开始使用 Trainium 芯片。这也意味着，亚马逊有望在与英伟达的芯片竞争中，借助 OpenAI 打 开关键突破口。 ...

今日必读🍉中国决策层发出适度刺激信号🍇白宫称特朗普对俄乌双方“极其失望”🥭研究发现中芯和华为芯片技术有进展获取免费中文电子报《彭博财经早茶》，洞悉全球市场动态。Catch up on what's moving China's markets in our free Chinese language newsletter. https://t.co/wPeLXyKwYe ...

Core Insights - Huawei ranks second among global communication companies, highlighting its significant position and development potential in the industry [1][3][6] Investment and Industry Position - The ranking is based on the industry influence and investment scale of holding companies, rather than just market share of core businesses [3][4] - Huawei's strategy focuses on investment and collaboration in emerging technologies like chips, cloud computing, and 5G equipment, positioning itself as a leader in network infrastructure [3][4] Supply Chain and Technology Development - Huawei has established a resilient supply chain for chips, aided by collaboration with multiple suppliers in China, despite facing challenges from U.S. sanctions [4][6] - The company adopts an open cooperation model, contrasting with competitors like Apple and Samsung, which follow a closed innovation approach [4][6] Future Potential and Innovation - Huawei's investment holding structure may evolve into a dual role of technology driver and capital engine, aiming for stable revenue and new market opportunities [6][7] - The company is actively pursuing breakthroughs in core technologies, although it still faces significant challenges in achieving complete autonomy in certain areas [6][9] Market Dynamics and Performance - Despite a declining share of overseas revenue, Huawei maintains a strong position in the domestic market, indicating a solid foundation for future growth [9][10] - The company controls approximately 30% of core technology resources in the industry, reflecting its strategic positioning and potential for future advancements [12]

Core Insights - Nvidia CEO Jensen Huang expressed confidence in TSMC's resilience and emphasized that the company is built on a robust corporate culture and extensive technical systems, rather than relying on any single individual [1][3] Group 1: TSMC's Strengths - Huang stated that TSMC's technology is highly complex, encompassing not only chip design but also transistor and process technology, as well as operational management and business planning [3] - He reassured that TSMC has a solid foundation in both technology and operations, and he is confident in their continued growth [3] - Huang highlighted that TSMC should not be simplified to a single person or event, as its success is a result of multifaceted technological capabilities [3] Group 2: Information Security - Huang noted that TSMC has been effective in protecting sensitive information, stating that Nvidia has never had concerns regarding information security [3] Group 3: Nvidia's Complexity - Huang described Nvidia's technology as highly complex, involving chips, systems, and software across various types of chips, not just GPUs [3] - He mentioned that it took Nvidia 33 years to reach its current level of technological integration and understanding [3] Group 4: Talent Dynamics - Huang acknowledged that while Nvidia experiences talent turnover, most employees tend to stay long-term due to the difficulty of replicating the company's technology [4] - He indicated plans to return to Taiwan in January for Nvidia's year-end party, where he humorously noted that he personally funds the employee bonuses [4]

Core Insights - Huawei officially launched the Mate 80 series smartphones on November 25, with significant performance improvements, particularly the Mate 80 Pro Max showing a 42% increase in overall performance compared to its predecessor [1] - The Mate 80 series features the new HUAWEI Kirin 9030 series processors, while the Mate 80 continues to use the Kirin 9020 chip [1][5] - The new series is equipped with the HarmonyOS 6 operating system, introducing various innovative features such as air transmission and AI magic expressions [6] Product Specifications - The Mate 80 is powered by the HUAWEI Kirin 9020 processor, while the Mate 80 Pro 12G version uses the HUAWEI Kirin 9030 processor [5] - The Mate 80 Pro 16G version, Mate 80 Pro Max, and Mate 80 RS all utilize the HUAWEI Kirin 9030 Pro processor [5] - The series introduces the second-generation Red Maple imaging system, enhancing color reproduction in challenging lighting conditions [6] Market Reception - The Mate 80 series attracted significant consumer interest, with many customers eager to experience the new devices and inquire about features such as chip performance, imaging capabilities, and pricing [3][6] - The starting prices for the Mate 80 series are set at 4699 yuan for the Mate 80, 5999 yuan for the Mate 80 Pro, 7999 yuan for the Mate 80 Pro Max, and 11999 yuan for the Mate 80 RS [6]

Core Insights - The smartphone industry is experiencing intense competition as Huawei launches its Mate 80 series, which includes significant price reductions compared to previous models [1][9] - The Mate 80 series features the new Kirin 9030 chip and is the first to run on HarmonyOS 6, indicating Huawei's advancements in both hardware and software [3][7] - Huawei's market share in the high-end smartphone segment is showing signs of recovery, with a reported 21.4% share in 2023, compared to Apple's 61.8% [3][4] Pricing Strategy - The starting price for the Mate 80 series is set at 4699 yuan, which is 800 yuan lower than the previous generation, while other models also see price reductions of around 500 yuan [1][9] - This pricing strategy may provide Huawei with a competitive edge in a market where other brands are increasing prices [9] Product Features - The Mate 80 series incorporates advanced technologies such as the second-generation Kunlun glass and emergency communication capabilities, allowing for connectivity over 13 kilometers without a network [4] - The new Kirin 9030 chip represents a significant technological advancement for Huawei, marking a return to high-performance chip production [7] Market Position - As of Q3 2025, Huawei holds a 16% market share in the Chinese smartphone market, closely following Vivo's 18% and surpassing Apple's 15% [8] - The competition remains tight, with the gap between the top and fifth-ranked manufacturers narrowing to just 3% [8] Future Outlook - Analysts suggest that while the Mate 80 series may face challenges in the short term due to market adjustments and competition from Apple's iPhone 17 series, it has the potential to strengthen Huawei's position in the high-end market over time [8] - The ongoing development of the HarmonyOS ecosystem, with over 300,000 applications, is expected to enhance Huawei's competitive stance against established operating systems [7]

Core Viewpoint - The publication of the book "The Most Important Machine" has sparked significant controversy surrounding ASML, a leading company in the global semiconductor lithography machine sector, due to allegations of its involvement in geopolitical tensions and proposals to monitor Chinese clients for the U.S. government [1][2]. Group 1: Book Content and Impact - The book is described as a political thriller about ASML, highlighting its critical role in international power struggles, particularly between the U.S. and China [2]. - The authors claim to have disclosed previously confidential information, using exclusive sources, including participants in U.S.-China negotiations regarding ASML [4]. - The book emphasizes ASML's lithography technology's importance for AI, autonomous driving, and next-generation weapons, suggesting that ASML holds significant influence over future global dynamics [5]. Group 2: Allegations and Responses - The book alleges that ASML broke agreements to limit sales of DUV lithography machines to China, leading to dissatisfaction from Dutch and U.S. officials [5]. - It is reported that the former CEO of ASML, Peter Wennink, suggested that the company should continue servicing Chinese clients and even proposed that ASML engineers gather internal development intelligence from Chinese companies [5][6]. - A senior U.S. government official is quoted as saying that ASML could act as an informant for Washington regarding China, although this proposal was rejected by U.S. National Security Advisor Jake Sullivan [6]. Group 3: ASML's Official Stance - ASML has publicly rejected the claims made in the book, stating that the allegations are factually incorrect and damaging to the company's reputation [1]. - The company has reiterated its compliance with all applicable laws and regulations, emphasizing that it has never proposed to act on behalf of any government [1][6].