近期，证监会官网披露，上海思朗科技股份有限公司(简称"思朗科技")在上海证监局办理IPO辅导备案 登记，辅导机构为国泰海通证券。 资料显示，思朗科技成立于2016年，团队脱胎于中国科学院自动化研究所，致力于国产高性能算力芯片 的设计和应用，为科学智能(AI for Science)提供自主可控的算力基础设施和行业高质量科学数据集。公 司拥有万亿次代数运算微处理器MaPU(代数运算处理器)的完整自主知识产权。 公司创始人兼首席科学家王东琳为MaPU架构发明者，曾任中国科学院自动化所所长、国家专用集成电 路设计工程技术研究中心主任。 超算(中心)，是基于超级计算机或者大规模计算集群的数据中心，过往主要基于"CPU+GPU"芯片来提 供大规模计算、存储和网络服务等功能，主要应用于全球气候模拟、新药分子动力学、新材料研发等。 "'超算'对应的科学智能领域的核心在于实现AI与物理、化学、生物等科学研究领域的深度融合，让AI 不仅能够高效分析数据，更能自主发现规律，甚至独立开展科学探索，将人类从海量试错的传统科研模 式中解放出来。基于海量的计算要求，'超算'对于芯片性能的要求不亚于甚至高于'智算'。"思朗科技相 关负责人 ...

#中国新型芯片绕开光刻机限制# 中国新型芯片问世了！ 北京大学孙仲教授团队研究出的这个基于阻变存储器的高精度、可扩展模拟矩阵计算芯片，意义很大， 说白了就是换了个路子做计算，来绕开光刻机的限制。 以前模拟计算因为"算不准"而被淘汰，现在他们一举解决了这个老大难问题。这样一来，芯片做矩阵计 算时，速度更快、更省电，而且用28纳米这种成熟工艺就能造，不用去挤高端光刻机的独木桥。 眼下芯片还在实验阶段，适合中等规模的任务，比如应用于6G和机器人等，他们还计划两年内把芯片 规模做大，先在这些领域做起来。 长远看，它是为AI大模型训练、超算这些"算力吞金兽"准备的一个高能效后备方案。等这些需求爆发 时，咱们手里就有现成的技术牌可以打了。 2017 11 专访 北大孙仲团队 支撑6G和AI训练,可在28纳米 及以上成熟工艺量产 ...

行动计划提出，支持东部地区示范城市发挥服务外包高端要素集聚优势，打造面向全球的服务外包发展 高地;支持中西部和东北地区示范城市拓展服务外包优势特色领域，积极承接离岸和在岸外包转移。支 持各地结合城市更新、楼宇置换等发展规划，利用资源禀赋，聚焦主导产业，发挥比较优势，建设个性 化、差异化服务外包园区。 行动计划明确，推动数字经济和实体经济深度融合，建设数字贸易产业集聚区;积极发展国际数据服务 业务，探索建立境外数据存储、加工、交易的数据服务产业链;支持符合条件的中西部资源型城市发展 云计算、超算、智算、人工智能等相关的服务外包业务。培育一批具有较强国际竞争力的服务外包领军 企业和具有独特竞争优势的中小服务外包企业。 行动计划提出，到2030年，培育一批具有国际竞争力的服务外包龙头企业，建设一批创新能力强、特色 优势产业明显的服务外包集聚区，服务外包数字化、智能化、绿色化、融合化发展水平进一步提升，吸 纳就业人数显著增长。 行动计划围绕实施平台载体提升行动、实施创新引领行动、实施主体培育行动、实施市场开拓行动、实 施行业规范发展行动、实施人才培养行动等6方面，提出一系列具体措施。 记者15日从商务部获悉，商务部等 ...

人民财讯12月10日电，电光科技（002730）12月10日在互动平台表示，目前，超算业务板块进展顺利， 首批根据客户需求定制化部署的超算项目，已经顺利交付，为进一步提升服务灵活性与市场响应速度， 公司新部署的运营性算力资源目前正处于最终的调试与优化阶段，预计将于本月中旬正式上线，开始承 接更广泛的客户需求。公司已经与北京某生物研究所达成初期合作，首个小规模GPU算力集群已经部署 完毕。为后续深耕该领域奠定了良好基础。目前，新拓展行业的营收贡献尚未形成规模占比。在智算业 务方面，当前阶段公司策略仍以承接客户定制化需求为主。同时，为培育市场、探索更灵活的服务模 式，公司计划采购少量可支持单卡调度的运营性资源，以增强服务的弹性与覆盖面。 ...

Core Viewpoint - The article highlights the evolution and achievements of the Chinese high-performance computing (HPC) industry, particularly focusing on the contributions of Sugon (中科曙光) in establishing China as a global leader in supercomputing technology. It emphasizes the importance of self-reliance in technology and the strategic significance of HPC in various sectors. Group 1: Historical Development - In 1990, the National Intelligent Computer Research and Development Center was established to promote the "863 Program," with Li Guojie appointed as the director [24] - The first project initiated by Li was the development of supercomputers, leading to the creation of "Shuguang No. 1" in 1993, marking China's entry into the HPC field [35][12] - The success of "Shuguang No. 1" led to the lifting of the ban on 10 billion calculations for China by Western countries just three days later [37] Group 2: Technological Advancements - Sugon has developed several supercomputers, including "Shuguang 4000A," "Shuguang 5000," and "Shuguang 6000," breaking the Western monopoly and establishing China as the third country capable of independently developing supercomputers [12] - The "Shuguang" series has been instrumental in various applications, from weather forecasting to space exploration, showcasing the versatility and necessity of HPC [8][10] Group 3: Market Position and Challenges - From 2009 to 2019, Sugon ranked first in the China HPC TOP100 for ten consecutive years, despite facing significant pressure from U.S. sanctions [13] - In June 2019, the U.S. Department of Commerce placed five Chinese companies on the Entity List, including four from the Sugon system, but this did not hinder Sugon's innovation [14] Group 4: Strategic Expansion - Sugon has expanded its capabilities beyond supercomputing to include a full industry chain involving chips, computing, cloud, and intelligence, enhancing its competitive edge [15] - The company has developed its own chips through subsidiaries like Haiguang Information, which produces both X86 architecture CPUs and self-developed deep computing units [16] Group 5: Financial Performance - By 2024, Sugon's gross margin and net margin reached 29.16% and 15.16%, respectively, representing increases of 159% and 293% since 2018 [91] - The net profit surged from 116 million in 2014 to 1.911 billion in 2024, marking a 16-fold increase over ten years [91] Group 6: Future Outlook - The merger of Haiguang Information and Sugon is set to create a comprehensive ecosystem for domestic chip, server, storage, and data center services, establishing a new landscape for the domestic HPC industry [80] - Sugon's strategic initiatives, including the establishment of intelligent computing centers and cloud services, position it well for future growth and resilience against external pressures [83][84]

Group 1: Industry Trends and Opportunities - The Taihu Forum held in Wuxi focused on expanding service industry openness, integrated circuits, new energy, and biomedicine, highlighting key industry development trends, support policies, and investment opportunities [1] - The integrated circuit industry chain cooperation meeting emphasized collaboration in design, manufacturing, testing equipment, and key materials, aiming to create a platform for upstream and downstream innovation [1] - Emerging fields such as artificial intelligence, big data, supercomputing, and new energy vehicles are driving semiconductor companies to innovate and tackle key technologies across the industry chain [1] Group 2: Regional Economic Performance - Nanjing has shown strong innovation momentum and economic dynamism, with an average annual foreign trade import and export of 87.5 billion USD and actual foreign investment of 4.4 billion USD during the 14th Five-Year Plan period [2] - The service industry in Nanjing achieved a value-added of 956.9 billion CNY with a growth rate of 5.6%, leading the city's overall economic performance in the first three quarters of 2025 [1] - The new energy industry chain cooperation meeting in Changzhou aimed to deepen supply chain collaboration and promote higher levels of openness, enhancing cooperation between multinational companies and local enterprises [2]

Core Viewpoint - The company holds an 18.18% stake in Zhejiang Shusi Technology and is exploring opportunities in the supercomputing and intelligent computing center business through this partnership with Huawei [1] Group 1 - The company currently owns 18.18% of Zhejiang Shusi Information Technology Co., Ltd [1] - The company is monitoring the development of its investee and will explore related opportunities based on actual conditions [1]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but faced a decline in net profit, indicating pressure on profitability despite strong sales growth in the semiconductor sector [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 23.2%, while the net profit attributable to shareholders was 27.67 million yuan, a decrease of 44.5% [1]. - In Q2 2025, the company reported revenue of 690 million yuan, a year-on-year decrease of 1.6%, with a net profit of -9.93 million yuan, compared to 65.75 million yuan in the same period last year [1]. Group 2: Semiconductor Business - The semiconductor sector saw revenue of 560 million yuan in H1 2025, a year-on-year increase of 146.4%, with a gross margin of 48.7%, up 8.1 percentage points [1]. - The net profit from the semiconductor business reached 160 million yuan, a year-on-year increase of 2316.4% [1]. - As of August 26, the company had an order backlog of approximately 1.82 billion yuan in the semiconductor sector, accounting for 50.5% of total orders [1]. Group 3: Display and New Energy Sectors - The display sector generated revenue of 670 million yuan in H1 2025, a year-on-year decrease of 13.5%, with a gross margin of 43.1%, up 1.6 percentage points [2]. - The order backlog in the display sector was approximately 1.44 billion yuan, a year-on-year increase of 38.7%, indicating a recovery trend [2]. - In the new energy sector, revenue reached 1.2 billion yuan, a year-on-year increase of 27.3%, with a gross margin of 28.7%, down 3.2 percentage points [2]. - The order backlog in the new energy sector was about 350 million yuan as of August 26 [2]. Group 4: Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 210 million yuan, 350 million yuan, and 510 million yuan for 2025, 2026, and 2027, respectively, corresponding to current price-to-earnings ratios of 87, 52, and 36 times [3]. - The semiconductor business is entering a rapid growth phase, while the display business is gradually recovering, leading to a "buy" rating [3].

Core Viewpoint - Longxin Co., Ltd. focuses on high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in various fields including PC peripherals, displays, video conferencing systems, and AR/VR. The company is expanding into automotive and HPC sectors in the future [1]. Financial Performance - In H1 2025, the company reported revenue of 250 million yuan, a year-on-year increase of 11.4%, with a net profit attributable to shareholders of 72 million yuan, up 15.2% year-on-year. The gross margin was 54.88%, slightly up, and the net margin was 29%, an increase of 1 percentage point year-on-year [1]. - In Q2 2025, revenue reached 138 million yuan, a year-on-year increase of 17.4% and a quarter-on-quarter increase of 26.6%. The net profit attributable to shareholders was 43 million yuan, up 38.3% year-on-year and 50.9% quarter-on-quarter. The gross margin was 55.2%, up 0.8 percentage points quarter-on-quarter, primarily due to better profitability from new products [1]. Business Expansion - The company is successfully expanding into new business areas such as AI edge computing, supercomputing, and data centers. The automotive SerDes chips are currently in a full promotion phase, having entered new fields like eBikes, photography gimbals, and drones. In H1, two new products passed AEC-Q100 Grade 2 certification [2]. - The company is actively developing high-speed data transmission chips for AI and edge computing, with ongoing research in PCIe and SATA protocols, and some projects have entered the tape-out stage. These developments have significant market potential in supercomputing, AI, data centers, and consumer electronics [2]. Supply Chain and R&D - In H1 2025, the company added two new wafer fabs to enhance supply stability, with R&D investment amounting to 57.06 million yuan, a year-on-year increase of 23%, representing 23.1% of revenue. The company has initiated a multi-location backup mode for supply stability and cost optimization [3]. - The company is advancing in the development of mixed-signal chips at 28nm and 22nm processes, with products achieving a maximum transmission rate of 20Gbps, marking a significant step in process iteration and upgrade [3]. Investment Outlook - Longxin Co., Ltd. is deeply engaged in the high-speed mixed-signal chip market, with the automotive SerDes chips expected to gradually ramp up production. The company is also positioning itself in AI edge and server sectors, with adjusted revenue expectations for 2025-2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.39 CNY, based on a PE ratio of 61 times for 2025 [4][2]. Core Views - The company's H1 2025 revenue reached 2.935 billion CNY, a slight increase of 0.47%, while the net profit attributable to the parent company was 87 million CNY, down 77.49% [1]. - The decline in profitability is attributed to several factors, including a decrease in military product orders, rising raw material costs, and increased depreciation [8]. - The company expects a recovery in defense revenue in the second half of the year, driven by improved order fulfillment and cash collection efforts [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are adjusted to 6.537 billion CNY, 8.246 billion CNY, and 9.873 billion CNY, respectively, with expected growth rates of 30.1%, 26.1%, and 19.7% [3]. - The forecasted EPS for 2025, 2026, and 2027 are 0.99 CNY, 1.77 CNY, and 2.20 CNY, respectively [2]. - The company's gross margin is expected to decline to 34.3% in 2025, with net profit margins stabilizing at 6.9% [3]. Market Position and Outlook - The company is positioned as a leader in military connectors, with significant market share in aerospace and missile sectors, benefiting from the recovery in defense spending and technological advancements [8]. - The company is also focusing on expanding into emerging markets and new industries, such as commercial aerospace and data centers, which are expected to drive future growth [8].