智通财经APP获悉，欧洲金融巨头法国巴黎银行(BNP Paribas)周二发布研报称，随着微软(MSFT.US)升 级换代后的第二代自研人工智能芯片(AI芯片)"Maia 200"横空出世，且这款自研AI芯片引爆新一轮AI算 力产业链投资狂潮，聚焦于大型AI数据中心定制化AI芯片(即 AI ASIC芯片)的ASIC领军者们——例如美 国芯片设计巨头迈威尔(MRVL.US)及其最大竞争对手博通公司(AVGO.US)有望最大程度受益这股投资狂 潮的算力领军者。 法巴银行的分析师们在研报中强调微软引领的云计算巨头们自研AI芯片趋势可谓大势所驱，未来ASIC 与英伟达AI GPU算力集群之间的AI算力基础设施市场份额有可能从当前的1:9/2:8大幅抬升至接近对 等。 资深分析师卡尔·阿克曼(Karl Ackerman)领导的法巴银行分析师团队表示，在自研AI芯片趋势触发的新 一轮A算力投资狂潮中，除了上述两大AI ASIC领军者们，其次则是数据中心高速互连(DCI)、高速铜缆 以及数据中心光互连领军者们也有望大幅受益于新一轮AI算力投资狂潮。 从更深层次的角度洞察整个AI算力产业链体系，不难发现AI ASIC、DCI ...

智通财经获悉，美国科技巨头微软公司(MSFT.US)在美东时间周一重磅推出其升级换代后的第二代人工 智能芯片(AI芯片)，这是该科技巨头推动以更高能效比与性价比算力路径为其云端AI训练/推理算力资 源服务提供的至关重要自研AI算力集群硬件，并为售价昂贵的英伟达AI GPU系列人工智能算力集群提 供替代型AI算力基础设施解决方案的核心举措。 这款由"全球芯片代工之王"台积电所制造的名为"Maia 200"的微软自研AI芯片(与谷歌TPU架构类似，走 的是AI ASIC技术路线)，正陆续进入微软位于爱荷华州的大型AI数据中心，下一步的大规模部署将转向 凤凰城地区的某个大型数据中心。微软在当地时间周一邀请开发者们积极使用围绕Maia的专属控制软 件，但目前尚不清楚微软Azure云计算服务平台的庞大用户们何时能够精准调用/使用搭载该AI芯片的云 端AI服务器算力集群。 毋庸置疑的是，席卷全球的生成式AI热潮加快了云计算与芯片设计巨头们的AI ASIC路线云平台内部专 属AI芯片开发进程，它们正争相为先进的大型AI数据中心设计出速度最快且能效最为强劲的高性价比 AI算力基础设施集群。美国芯片设计巨头迈威尔(MRVL.U ...

2025 年业绩预告点评：订单兑现收入高增， 继续看好 AI ASIC 产业趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,338 | 2,322 | 3,154 | 5,661 | 8,612 | | 同比（%） | (12.73) | (0.69) | 35.84 | 79.49 | 52.11 | | 归母净利润（百万元） | (296.47) | (600.88) | (448.92) | 315.20 | 805.06 | | 同比（%） | (501.64) | (102.68) | 25.29 | 170.21 | 155.41 | | EPS-最新摊薄（元/股） | (0.56) | (1.14) | (0.85) | 0.60 | 1.53 | | P/E（现价&最新摊薄） | (366.46) | (180.81) | (242.01) | 344.67 | 134.95 | [Ta ...

Core Viewpoint - Chip Origin Co., Ltd. is advancing its strategic acquisitions by investing in TianSui XinYuan and acquiring control of ZhuDian Semiconductor, while terminating the acquisition of XinLai ZhiRong to focus on its core business and RISC-V ecosystem development [1][7]. Group 1: Acquisition and Investment - Chip Origin plans to invest in TianSui XinYuan alongside prominent investors, contributing 350 million yuan to a total capital increase of 940 million yuan, which will make it the largest shareholder with a 40% stake [2][3]. - The acquisition of ZhuDian Semiconductor is aimed at enhancing Chip Origin's competitive edge in AI ASIC markets by combining its image processing technology with ZhuDian's expertise in video processing [4][5]. Group 2: Termination of Acquisition - The company has decided to terminate the acquisition of 97.0070% of XinLai ZhiRong's shares due to misalignment of key demands from the target company's management with market conditions and shareholder interests [7]. - The termination of this acquisition is not expected to adversely affect the company's normal business operations or shareholder interests [7]. Group 3: RISC-V Ecosystem Development - Chip Origin has been actively promoting the RISC-V ecosystem for over seven years, leading initiatives such as the establishment of the China RISC-V Industry Alliance, which has grown to 204 member units [9]. - The company has developed multiple chip design platforms based on RISC-V architecture, which are being adopted by various clients, thus facilitating the industrialization of RISC-V technology [9]. Group 4: Technological Advancements - The company has launched the Coral NPU IP in collaboration with Google, designed for low-power edge applications, which is based on the RISC-V architecture and aims to enhance the edge AI ecosystem [10]. - Chip Origin is developing verification chips based on the Coral NPU IP for applications in AI/AR glasses and smart home devices, accelerating the deployment of large language models at the edge [10].

Core Viewpoint - Chipone Technology announced a strategic capital increase for TianSui Semiconductor, acquiring control of ZhuDian Semiconductor, which is expected to enhance its position in the semiconductor industry and improve its AI ASIC market competitiveness [1][6]. Group 1: Capital Increase and Shareholding Structure - On December 12, Chipone Technology signed a capital increase agreement with TianSui Semiconductor and five investment partners, with TianSui planning to increase its registered capital by 940 million yuan [1]. - Chipone will contribute 350 million yuan in cash and an additional 20 million yuan through its existing 2.11% stake in ZhuDian Semiconductor, resulting in a significant ownership stake [1]. - After the capital increase, TianSui's registered capital will rise from 10 million yuan to 950 million yuan, with Chipone becoming the largest shareholder with a 40% stake [5]. Group 2: Investment Partners - The investment partners include prominent entities such as Huaxin Dingxin, Guotou Xiandao, Yitang Yuanchuang, and Hanzhe Chuangtou, contributing a total of 550 million yuan to support the acquisition [4]. - Huaxin Dingxin invested 300 million yuan, while Guotou Xiandao contributed 150 million yuan, showcasing a strong backing from established investment firms [4]. Group 3: Strategic Implications - ZhuDian Semiconductor, established in 2004, is a leading provider of video and display processing chip solutions, holding over 160 patents and dominating the 3LCD projector control chip market with over 80% share [5]. - The acquisition allows Chipone to offer a comprehensive solution from image preprocessing to postprocessing for mobile clients, enhancing its capabilities in emerging fields like AI smartphones and cloud gaming [5]. - The market analysis suggests that this strategic acquisition aligns with the trend of domestic semiconductor replacement and policy support, potentially setting a new benchmark for industry consolidation [6].

Core Viewpoint - The company has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Technology due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [3][5]. Group 1: Termination of Acquisition - The company received a notification from the management of Chip Lai Technology and the transaction counterparties regarding the termination of the acquisition [2]. - The board of directors approved the termination after thorough research, emphasizing that it would not adversely affect the company's normal business operations or harm the interests of shareholders, especially minority shareholders [3]. Group 2: Future Plans and RISC-V Focus - The company will continue to strengthen its layout in the RISC-V field and maintain and deepen its cooperative relationship with Chip Lai Technology as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3][9]. Group 3: RISC-V Industry Engagement - The company has been actively involved in the RISC-V industry for over seven years, focusing on building an open RISC-V hardware platform and an open-source RISC-V software ecosystem [4][7]. - The company has organized multiple RISC-V industry forums, promoting over 40 new RISC-V chip products from various domestic enterprises [4]. Group 4: Chip Lai Technology Overview - Chip Lai Technology, established in 2018, has developed over 70 IP products, including more than 20 RISC-V IPs, and has authorized over 300 global customers [6]. - The company achieved a high gross margin of over 90% for its RISC-V IP licensing services and is nearing breakeven [6]. Group 5: Strategic Importance of RISC-V - The termination of the acquisition is seen as a strategic move to enhance the company's competitive edge and expand its business development space in the RISC-V sector [9]. - The company plans to leverage its semiconductor IP and the integration of Chip Lai Technology's RISC-V IP to accelerate the large-scale implementation of RISC-V technology [9].

芯片领域突发。 芯原股份（688521）12月12日晚间公告，公司近日收到芯来智融半导体科技（上海）有限公司（简称"标的公司"）管理层及交易 对方关于终止发行股份及支付现金购买芯来智融97.0070%股权并募集配套资金的通知，并于2025年12月11日召开第三届董事会第 七次会议，审议通过了《关于终止公司发行股份及支付现金购买资产并募集配套资金事项的议案》，经公司充分审慎研究，同意 终止本次交易，并授权公司董事长及其进一步授权人士全权办理终止本次交易的相关事宜。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向广泛AI应用的软硬件芯片定制平台解决方案， 涵盖如智能手表、AR/VR眼镜等始终在线的轻量化空间计算设备，AI PC、AI手机、智慧汽车、机器人等高效率端侧计算设备， 以及数据中心、服务器等高性能云侧计算设备，且端侧、云侧AI ASIC均有众多客户项目已经或正在逐步量产上市。芯原股份 2025年上半年芯片设计业务收入中，AI算力相关收入占比约52%。 而标的公司成立于2018年，是中国本土首批RISC-V CPU IP提供商之一，已累计开发数十款IP产品。据披露，近年来标 ...

Core Viewpoint - The company, Chip Origin Co., Ltd. (芯原股份), has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Zhirong Semiconductor Technology (Shanghai) Co., Ltd. due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3]. Group 1: Transaction Termination - The company received a notification from the target company's management and the transaction party regarding the termination of the share issuance and cash payment for the acquisition [1]. - The board of directors approved the termination of the transaction after thorough research, emphasizing the need to protect the interests of the company and all shareholders [3]. - The termination of this major asset restructuring will not adversely affect the company's normal business operations or the interests of shareholders, particularly minority shareholders [3]. Group 2: Future Plans and Collaborations - The company plans to continue strengthening its layout in the RISC-V field and will maintain and deepen its cooperative relationship with Chip Lai Zhirong as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3]. Group 3: Company Background and Market Position - Chip Origin Co., Ltd. is recognized as a leading provider of semiconductor IP and offers comprehensive chip customization services, having been listed in 2020 as "China's first semiconductor IP stock" [4]. - The company has established itself as a leader in the AI ASIC sector, with AI-related revenue accounting for approximately 52% of its chip design business income in the first half of 2025 [4]. - The target company, established in 2018, is one of the first domestic RISC-V CPU IP providers in China and has developed numerous IP products, leading the RISC-V IP business domestically [5].

Market Overview - The Shanghai Composite Index rose by 0.54% to close at 3924.08 points, with a daily high of 3936.31 points [1] - The Shenzhen Component Index increased by 1.39% to close at 13329.99 points, reaching a high of 13389.67 points [1] - The ChiNext Index saw a rise of 2.6%, closing at 3190.27 points, with a peak of 3214.48 points [1] ETF Market Performance - The median return for stock ETFs was 0.9%, with the highest return from the Xinyin CSI Kechuang 50 ETF at 3.71% [2] - The highest performing industry ETF was the Jiashi National Communication ETF, yielding 4.78% [2] - The top strategy ETF was the China Southern ChiNext Low Volatility Value ETF, with a return of 1.76% [2] - The best performing thematic ETF was the Fuguo CSI Communication Equipment Thematic ETF, achieving a return of 5.65% [2] ETF Performance Rankings - The top three ETFs by return were: - Fuguo CSI Communication Equipment Thematic ETF (5.65%) - Huazhong ChiNext Artificial Intelligence ETF (5.62%) - Dacheng ChiNext Artificial Intelligence ETF (5.56%) [4] - The worst performing ETFs included: - Guotai CSI Coal ETF (-1.5%) - Huitianfu CSI Energy ETF (-1.35%) - Zhaoshang CSI Hong Kong and Shanghai Consumer Leaders ETF (-1.26%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Southern CSI A500 ETF (1 billion) - Huatai Baichuan CSI 300 ETF (920 million) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (789 million) [6] - The largest outflows were from: - E Fund ChiNext ETF (880 million) - Huabao CSI All-Index Securities Company ETF (673 million) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (461 million) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (703 million) - Guotai CSI All-Index Securities Company ETF (509 million) - Huatai Baichuan CSI 300 ETF (467 million) [8] - The highest margin sell amounts were for: - Huatai Baichuan CSI 300 ETF (39.27 million) - Huaxia CSI 1000 ETF (20 million) - Huaxia Shanghai Stock Exchange 50 ETF (17.83 million) [8] Industry Insights - The global 400G+ optical module market is expected to reach $37.8 billion by 2026, driven by the demand for AI servers and high-speed optical interconnects [9] - Domestic AI development is accelerating, with Alibaba Cloud's business growing by 34%, indicating increased demand for IDC infrastructure [10] - The overall communication industry is expected to benefit from increased capital expenditure by cloud providers and the iteration of large AI models [10]

Core Viewpoint - The A-share market is experiencing slight declines, particularly in the AI sector, with the ChiNext AI Index down by 0.50% as of 14:29 on December 2. However, certain stocks like Zhaolong Interconnect and Tianfu Communication are performing well despite the overall trend [1]. Group 1: Market Performance - The ChiNext AI Index has seen a decline of 0.50% as of the specified time [1]. - The Huaxia ChiNext AI ETF (159381) is actively traded, with a transaction volume exceeding 300 million yuan during the day [1]. - Over the past five days, the Huaxia ChiNext AI ETF has accumulated an increase of 11.13%, ranking first among comparable funds [1]. Group 2: Fund Inflows - In the last two trading days, the Huaxia ChiNext AI ETF has experienced a continuous net inflow of over 60 million yuan [1]. Group 3: Future Outlook - According to China International Capital Corporation (CICC), the overseas AI hardware sector is expected to maintain high growth. The capital expenditure of the four major cloud providers in North America increased by 75% year-on-year in Q3 2025, with a positive outlook for AI investments in 2026 [1]. - The transition of cloud providers towards AI ASICs is anticipated to optimize costs and power consumption, with global AI ASIC shipments expected to more than double year-on-year by 2026 [1]. - The sustained demand is likely to drive the AI server and high-speed optical interconnect markets, with the global market size for 400G+ optical modules projected to reach 37.8 billion USD by 2026 [1].