当全球晶圆厂扎堆冲刺2nm量产，国内却因EUV光刻机卡脖子难以突破5nm以下工艺，上海一家复旦系 企业抛出全新解决方案——二维芯片路线，无需EUV即可在五年内实现1nm全国产自主可控。这真能让 中国芯实现真正的弯道超车吗？ 从实验室论文到量产线落地，校企结合的模式起到了关键作用。国内硬科技领域的很多突破，都离不开 这种"科研+产业"的深度绑定，比如寒武纪脱胎于中科院计算所，正是这种模式让实验室成果快速转化 为产品。 从"减法雕琢"到"加法生长"：制造逻辑的本质革命 传统硅基芯片的光刻工艺，本质是"减法制造"——用光刻机在硅晶圆上反复刻蚀、雕琢，一步步挖出晶 体管的结构，过程复杂且对设备精度要求极高。 而二维半导体则完全换了思路，采用"加法制造"：让特定材料的原子在基底上自发有序生长，直接形成 近乎平面的二维晶体管结构，无需高精度光刻的反复刻蚀。 这种模式带来的效率提升是颠覆性的：相比传统光刻流程，二维半导体制造环节可缩减80%，省去了离 子注入、外延生长等多个复杂步骤，甚至用普通DUV光刻机就能支撑高端芯片制造。 更关键的是，二维芯片在漏电、发热控制上的表现远超传统硅基芯片，这对当下功耗飙升的AI芯片、 旗舰 ...

江苏展芯产品满足国军标质量体系标准和客户自主可控要求，该公司自主设计产品已通过工业和信息化 部电子第五研究所的电子元器件自主可控评估认证，产品广泛应用于机载、弹载、舰载、陆基、单兵等 各类装备平台，得到中国电科集团、中航工业集团、航天科技（000901）集团等各大军工集团的高度认 可，报告期内已实现向超过1600家客户供货，客户资源积累位居行业前列。 2022年、2023年、2024年、2025年上半年，江苏展芯营业收入分别达到3.67亿元、4.66亿元、4.13亿元 和3.40亿元，凭借高可靠性产品赢得市场广泛认可，客户覆盖持续扩大。 招股说明书(申报稿)显示，在技术研发方面，江苏展芯坚持正向设计，累计拥有授权发明专利41项、集 成电路设计布图专有权46项，掌握"带隙基准电源抑制比设计技术""无源器件堆叠的多芯片埋入三维封 装可靠性设计技术"等15项核心技术，构建了覆盖芯片设计、封装、测试的全链条技术能力，产品性能 已达到国外品牌竞品同等水平。 2022年度、2023年度和2024年度，江苏展芯研发费用分别为3892.57万元、6641.12万元和9122.48万元， 年复合增长率达到53.09%。该公司最 ...

l t 12月11日，欧盟执委会表示，已批准德国政府向格罗方德、X-FAB提供6.23亿欧元（约合7.2916亿美元）的援助，用于支持在德国新建两家芯片 制造厂。 欧洲舆论认为，这些措施将对欧洲汽车芯片生态产生广泛且积极的影响。 对冲汽车产业"芯荒" 今年以来，特别是随着"安世半导体事件"持续发酵且由荷兰方面造成的问题至今尚未彻底解决，一些欧洲车企已经开始对汽车芯片供应发出警报。而此 次欧盟的这一举措，被视为欧盟构建自主芯片产业链的关键一步，其意义不仅在于未来为汽车行业缓解"芯荒"，更在于重塑欧洲在全球芯片市场的竞争力。 欧洲方面认为，德国尽管已经是汽车工业强国，但在汽车芯片制造环节却长期存在明显短板。一直以来，德国依赖亚洲和美国供应商的芯片供应，自身 制造能力不足。前几年波及全球的汽车"芯片荒"，更是将德国乃至欧洲汽车产业芯片供应链的脆弱性暴露无遗。由于芯片短缺，欧洲车企减产超百万辆，工 厂生产线被迫放缓甚至停滞，经济损失难以估量。 或许正因如此，德国决心改变这一被动局面。此次两座芯片工厂的建设项目，精准地瞄准了车规级芯片领域，包括功率半导体、微控制器等汽车关键芯 片类型。这些芯片是汽车电子系统的核心部件， ...

Group 1 - China's November CPI and PPI data will be released soon, which may impact market expectations and economic outlook [2] - The 2025 China Platinum Group Metals Market Annual Conference is scheduled to be held in Sanya [2] - The 20th China IDC Industry Annual Conference will take place from December 9 to 11 [2] Group 2 - The U.S. stock market closed mixed, with the Dow Jones down 0.37%, the Nasdaq up 0.13%, and the S&P 500 down 0.09% [4] - Major tech stocks like Google, Broadcom, and Tesla saw gains of over 1%, while Meta Platforms fell over 1% [4] - The Nasdaq Golden Dragon China Index dropped 1.37%, with most Chinese concept stocks declining, including Baidu down over 4% [4] Group 3 - International oil prices fell, with WTI crude oil down 0.87% at $58.37 per barrel and Brent crude down 0.66% at $62.08 per barrel [5] - Spot silver prices surpassed $60, reaching a historical high of $60.83 per ounce, with a 4.5% increase [5] - Spot gold rose by 0.5%, priced at $4211.27 per ounce [5] Group 4 - The National Energy Administration of China reported that crude oil production is expected to reach 215 million tons in 2025, a historical high [8] - During the 14th Five-Year Plan period, China has added 105 million tons of new crude oil capacity, with offshore oil becoming a significant growth driver [8] Group 5 - Fujian Province is encouraging companies like CATL and Xingyun Electronics to lead the development of electric ship infrastructure [10] - The action plan aims to promote the electric ship industry as an advanced sector in Fujian, focusing on charging and swapping facilities [10] Group 6 - The Chinese Embassy in Thailand issued a safety alert regarding the border conflict between Thailand and Cambodia, advising citizens to avoid the area [9] - The embassy emphasized the importance of monitoring safety conditions and following local government advisories [9] Group 7 - The Chinese government is actively promoting high-level foreign investment, welcoming more U.S. companies to invest in China [7] - This initiative aims to stabilize and sustainably develop China-U.S. economic and trade relations [7] Group 8 - The Chinese government is set to hold a meeting on December 10 to discuss the termination of a significant asset restructuring plan [23] - The meeting will be conducted online, allowing for interaction with investors regarding their concerns [23] Group 9 - Xiaomi is undergoing significant personnel adjustments in its core operational roles, which may indicate a strategic shift in its business focus [26] - The changes involve key positions in mobile, automotive, and home appliance sectors [26]

意料之中，理由如我们上周五发帖所言，最近主要受情绪和流动性的影响，港股截至上周收盘已经6连跌。而上周五，东大 这边收盘后，美联储释放鸽派信号，同时市场一些知名人士回应了关于AI泡沫的忧虑。新增信息很大程度缓和了市场情 绪，所以港股科技板块快速反弹。 今天港股科技集体反弹，截至14:30，港股通科技指数涨超3%。 想要低位布局港股科技的投资者，可关注天弘国证港股通科技ETF联接（A：024885；C：024885），这只指数囊括了阿 里、腾讯、小米等互联网大厂，不占QDII额度，大家投起来方便很多。上支付宝、天天基金、京东金融搜索"天弘港股通科 技"即可布局。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。本基金可投资港股通的股票，需承担港股通机制 下因投资环境、投资标的、市场制度及交易规则等差异带来的特有风险。 每日经济新闻 往后拉，生成式AI商业化加速，相关港股标的如阿里弹性空间被释放，同时地缘政治推动芯片自主可控，港股半导体企业 会受益于供应链重构。在港股流动性改善背景下，科技产业长期升级趋势提供成长空间，有望持续获益走强。 我们倾向于认为，目前港股悲观情绪已释放较充分，逐渐进入布局区间 ...

产业方面，科技赛道受益于AI大模型快速发展和芯片自主可控浪潮，有望维持高景气。海外云厂商如 谷歌、Meta、微软和亚马逊三季报纷纷上调资本开支预期； 国内互联网大厂腾讯和小米的AI对于业务 经营的助力明显 ，阿里宣布最新千问APP计划，都有望助力港股科技长期表现。资金方面，南向资金 继续大幅买进港股，年初以来已超1.2万亿港币。此前，三季度A股与美股科技大幅上涨，估值普遍较 贵，港股科技相对有较大的估值优势，预计后续南向资金将持续流入，有望持续催化港股行情。 港股科技板块长期增长逻辑清晰，港股通科技ETF基金（159101）紧密跟踪国证港股通科技指数，拉长 时间看，该ETF已连续4天资金净流入，累计流入2.06亿元，截至11月20日，最新规模达23.98亿元。 11月21日午盘，港股科技板块小幅回升，港股通科技ETF基金（159101）跌幅持续收窄，现跌超1%， 其持仓股中，京东健康、华虹半导体、金斯瑞生物科技、信达生物等跌幅居前，仅金山软件、小米集 团-W逆势上涨。 消息面上，美国劳工统计局周四发布报告称，9月，新增非农就业人数11.9万人，远超市场预期的5万 人，失业率上升0.1个百分点至4.4%，续创2 ...

北京时间11月21日，港股早盘大跌，截至10点16分，港股通科技指数下跌2.92%；成分股方面，百度、 蔚来跌超5%，阿里、小鹏、快手跌超3%。 资金方面，南向资金继续大幅买进港股，年初以来已超1.2万亿港币。此前，三季度A股与美股科技大幅 上涨，估值普遍较贵，港股科技相对有较大的估值优势，预计后续南向资金将持续流入，有望持续催化 港股行情。 想要低位布局港股科技的投资者，可上支付宝搜索：天弘国证港股通科技ETF联接（C类：024886；A 类：024885）；该指数汇聚阿里、腾讯、小米等互联网大厂，不占QDII额度，有望为各位投资者捕捉 港股AI发展机遇。 【行情解读：港股早盘为何大跌？】 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。 宏观层面，多项利好因素未发生显著变化。美联储降息预期虽有反复，但长期仍处于降息通道中，全球 流动性有望持续保持宽松，利好科技股表现，而港股科技相对A股科技更受益于美联储降息。 其次国内 货币政策和财政政策协同发力仍有空间，当前经济方面，整体呈现弱复苏，政策端有望延续积极基调， 利好港股基本面回暖。 产业方面，科技赛道受益于AI大模型快速发展和芯片自主可控浪 ...

Core Viewpoint - China's chip industry is poised to surprise the world with significant advancements in AI chip design and manufacturing, driven by a determination to innovate despite U.S. export restrictions [1][3]. Chip Design - Despite NVIDIA's dominance in the Chinese AI chip market, local suppliers like Huawei, Cambricon, and Moore Threads have captured 40% of the market demand, with projections indicating a market size of $38 billion by 2025 and $71 billion by 2027, potentially exceeding 50% market share for Chinese suppliers [5]. - Chinese chips, while not matching NVIDIA's top-tier products, have performance levels comparable to simplified versions approved for sale in China. The Chinese government has banned domestic companies from using NVIDIA's AI chips to promote local chip applications [5]. - Chinese chip design often sacrifices energy efficiency for performance, with Huawei's CloudMatrix system consuming over four times the power of NVIDIA's leading products. A promising approach involves tighter integration of chip design and software, with DeepSeek adopting FP8 data format to enhance efficiency [5][6]. Chip Manufacturing - By 2026, domestic production of AI chips in China is expected to increase significantly, primarily driven by SMIC and Huawei, with SMIC planning to double its capacity for chips at 7nm and below [6]. - Chinese foundries, restricted from acquiring advanced ASML equipment, must leverage older ASML machines to maximize potential. Even with lower yield rates, Chinese foundries are projected to produce millions of AI chips, sufficient to meet domestic demand [6]. Challenges and Future Outlook - While Chinese companies may struggle to surpass global leaders in efficiency or performance, they are expected to meet most of their domestic needs by the end of 2026, indicating a significant transformation in the industry [7].

Core Insights - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index reaching a near ten-year high of 3999.07 points, just 0.93 points away from the 4000 mark [3] - The Tianhong ChiNext ETF (159977) has seen a significant increase in its share volume, with a growth of 21.85 million shares over the past three months, ranking first among comparable funds [3] - The high-tech manufacturing sector is showing robust growth, with profits increasing by 8.7% year-on-year from January to September, contributing to overall industrial profit growth [5] Product Highlights - The Tianhong ChiNext ETF (159977) tracks the ChiNext Index, which is currently at a historical midpoint, with attractive valuations compared to other broad indices like CSI 300 and CSI 500 [3] - The Tianhong CSI A500 ETF (159360) covers 35 secondary industries and serves as a balanced allocation tool to mitigate rotation risks [4] - The Tianhong Sci-Tech Index ETF (589860) covers 97% of the Sci-Tech board's market value, focusing on strategic emerging industries such as semiconductors and AI [4] Industry Trends - The innovation sector is becoming a key growth driver, with high-tech manufacturing profits showing a two-digit growth rate of 26.8% in September, significantly boosting overall industrial profits [5] - The Tianhong Fund highlights three promising sectors within the ChiNext: technology benefiting from AI advancements, pharmaceuticals driven by policy optimization, and renewable energy with improving supply-demand dynamics [6]

Core Insights - Huawei's Mate 80 series is set to officially launch in November, featuring four models: Mate 80, Mate 80 Pro, Mate 80 Pro+, and Mate 80 RS [1] - The series will debut the Kirin 9030 chip, touted as Huawei's most powerful mobile chip, alongside the self-developed HarmonyOS 6, indicating Huawei's progress in achieving a self-sufficient chip supply chain [3] - The design of the Mate 80 series includes a circular camera module with four rear cameras, enhancing both aesthetics and functionality, while the Mate X7 foldable flagship will also be introduced at the event [6] Summary by Categories Product Launch - The Mate 80 series includes four models: Mate 80, Mate 80 Pro, Mate 80 Pro+, and Mate 80 RS, with the standard version available in four colors: black, white, cyan, and green [1] Technology and Performance - The Kirin 9030 chip will be featured in the Mate 80 series, marking a significant advancement in Huawei's mobile chip technology, combined with HarmonyOS 6 for improved performance [3] - The introduction of the Kirin 9030 chip signifies Huawei's achievement in establishing a self-controlled chip supply chain, following the previous launch of the Kirin 9020 chip [3] Design and Features - The Mate 80 series showcases a circular camera module with four rear cameras, including a wide-angle main camera, ultra-wide angle, periscope telephoto, and a red maple color camera, enhancing the device's modern design [6] - The Mate 80 RS will offer three color options, while the other models will have four, contributing to a diverse aesthetic appeal [6] - The Mate X7 foldable flagship will also be launched, featuring five color options and the new Kirin 9030 chip, promising a significant upgrade in both design and performance [6]