资料显示，烟台睿创微纳技术股份有限公司位于中国(山东)自由贸易试验区烟台片区烟台开发区南昌大 街6号，成立日期2009年12月11日，上市日期2019年7月22日，公司主营业务涉及专用集成电路、MEMS 传感器及红外成像产品的设计与制造。主营业务收入构成为：红外热成像及光电业务94.48%，微波射 频业务2.94%，其他2.59%。 睿创微纳所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：军工电子、军工信 息化、军民融合、航天军工、ASIC芯片等。 1月7日，睿创微纳盘中上涨2.00%，截至10:01，报101.30元/股，成交2.39亿元，换手率0.52%，总市值 466.22亿元。 资金流向方面，主力资金净流出205.38万元，特大单买入1537.55万元，占比6.44%，卖出3713.59万元， 占比15.55%；大单买入7631.30万元，占比31.95%，卖出5660.64万元，占比23.70%。 睿创微纳今年以来股价涨0.50%，近5个交易日涨8.00%，近20日涨19.84%，近60日涨20.12%。 分红方面，睿创微纳A股上市后累计派现3.31亿元。近三年，累计派现1.99 ...

12月31日，成都华微盘中上涨2.01%，截至13:34，报46.25元/股，成交3.01亿元，换手率3.04%，总市值 294.54亿元。 资金流向方面，主力资金净流入3477.86万元，特大单买入1799.21万元，占比5.97%，卖出1013.77万 元，占比3.36%；大单买入9413.04万元，占比31.24%，卖出6720.63万元，占比22.31%。 成都华微今年以来股价涨49.87%，近5个交易日涨7.46%，近20日涨21.07%，近60日跌3.65%。 今年以来成都华微已经3次登上龙虎榜，最近一次登上龙虎榜为9月3日。 截至9月30日，成都华微股东户数2.17万，较上期增加65.15%；人均流通股10061股，较上期减少 39.45%。2025年1月-9月，成都华微实现营业收入5.18亿元，同比增长22.45%；归母净利润6260.51万 元，同比减少28.82%。 分红方面，成都华微A股上市后累计派现8406.38万元。 机构持仓方面，截止2025年9月30日，成都华微十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第七大流通股东，持股432.81万股，相比上期减少19.9 ...

Core Viewpoint - The stock of Chunzhong Technology has experienced significant fluctuations, with a year-to-date increase of 309.91%, but a recent decline in the last five trading days, indicating potential volatility in investor sentiment [1]. Group 1: Stock Performance - As of December 31, Chunzhong Technology's stock price was 225.58 CNY per share, with a market capitalization of 45.853 billion CNY [1]. - The stock has seen a trading volume of 3.56 billion CNY, with a turnover rate of 0.76% [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) 16 times this year, with the most recent appearance on November 10, where it recorded a net buy of -32.5842 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Chunzhong Technology reported a revenue of 194 million CNY, a year-on-year decrease of 40.69%, and a net profit attributable to shareholders of -29.2385 million CNY, a decline of 156.76% [2]. - The company has distributed a total of 296 million CNY in dividends since its A-share listing, with 88.8144 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chunzhong Technology was 37,100, an increase of 37.05% from the previous period [2]. - The average number of circulating shares per shareholder was 5,478, a decrease of 27.04% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with both reducing their holdings compared to the previous period [3].

证券研究报告 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 《"朱雀三号"首飞在即，推动卫星通信行业 发展》2025-12-01 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业研究 / 行业点评 2025 年 12 月 21 日 行业及产业 电子 TPU 需求上涨带动 Google 产业链发展 ——电子行业周报（2025/12/15-12/19） 本周（2025/12/15-12/19）本周 SW 电子行业指数（-3.28%），涨跌幅排名 31/31 位， 沪深 300 ...

Market Overview - The A-share market experienced a general decline today, with the Shanghai Composite Index down by 0.55% closing at 3867.92 points, the Shenzhen Component Index down by 1.10% at 13112.09 points, the ChiNext Index down by 1.77% at 3137.8 points, and the Sci-Tech 50 Index down by 2.22% at 1318.91 points [1] - Overall, there were 2312 stocks that rose and 2965 stocks that fell, with a total market turnover of 17734 billion yuan, a decrease of 3188 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, non-bank financials, retail, agriculture, forestry, animal husbandry, fishery, steel, and building materials showed positive performance with increases of 1.59%, 1.49%, 1.24%, 0.91%, and 0.91% respectively [1] - Conversely, sectors such as electronics, telecommunications, media, machinery, and computers experienced declines, with decreases of 2.42%, 1.89%, 1.63%, 1.36%, and 1.27% respectively [1] Concept Sector Performance - The leading concept sectors today included dairy, selected insurance, chemical fiber selection, three-child policy, large aircraft, fiberglass, SPD, liquor, initial public offering economy, photovoltaic glass, gold and jewelry, cross-strait integration, satellite internet, chemical raw materials selection, and aquaculture [2] - In contrast, sectors such as optical modules (CPO), GPU, optical communication, cultivated diamonds, ASIC chips, optical chips, and Moore threads experienced pullbacks [2]

Core Viewpoint - The debut of Moer Technology, the first domestic GPU company listed on the Sci-Tech Innovation Board, was marked by a volatile stock price, initially soaring before experiencing a rapid decline, highlighting investor sentiment and market dynamics [1][3]. Group 1: Stock Performance and Market Reaction - Moer Technology's initial public offering (IPO) price was set at 114.28 yuan per share, with the opening price skyrocketing to 650 yuan, representing a 468.78% increase from the issue price [1]. - The stock reached an intraday high of 688 yuan, allowing investors who subscribed for 500 shares to realize a profit exceeding 280,000 yuan, making it the most profitable new stock of the year [1]. - By the end of the trading day, the stock price settled at 585 yuan, reflecting a 412% increase, with a total market capitalization of approximately 274.5 billion yuan [1]. Group 2: Subscription and Demand - The subscription for Moer Technology was exceptionally high, with 4.8266 million valid online applications and a total of 46.217 billion shares applied for, resulting in a subscription multiple of 4,126.49 times [1][3]. - The offline institutional participation was also robust, with 267 investors and 7,555 allocation targets, achieving a subscription multiple of 1,572 times [1]. Group 3: Financial Performance and Growth - Moer Technology's revenue is projected to grow from 46.088 million yuan in 2022 to 438 million yuan in 2024, and further to 702 million yuan in the first half of 2025, indicating rapid growth [4]. - Approximately 80% of Moer Technology's revenue is derived from AI computing products, while other segments like graphics rendering and consumer GPUs are still in early development stages [5]. - Despite revenue growth, the company reported significant net losses of 1.84 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024, totaling over 5 billion yuan in losses [6]. Group 4: Market Position and Competitive Landscape - Moer Technology is positioned as a leader in the domestic GPU market, but faces challenges in terms of financial structure, product ecosystem maturity, and market acceptance [3][20]. - The company’s technology path is closely associated with its founders' backgrounds at NVIDIA, influencing its decision to pursue a full-featured general-purpose GPU route rather than specialized ASIC designs [10]. - The competitive landscape includes other domestic players like Nuxi, which is also preparing for an IPO, highlighting the growing interest and competition in the domestic GPU sector [17]. Group 5: Future Prospects and Challenges - The domestic AI chip market is expected to grow significantly, with projections indicating an increase from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, presenting opportunities for Moer Technology [8]. - However, the company must overcome substantial gaps in technology performance and market share compared to established players like NVIDIA, which holds over 80% of the global GPU market [20]. - Moer Technology's customer concentration is high, with over 98% of revenue coming from its top five clients, indicating potential risks in revenue stability [20].

Core Insights - Google's TPU has gained significant attention recently, with Meta considering a multi-billion dollar contract to deploy TPUs in its data centers starting in 2027, leading to a surge in Google's stock price and a drop in NVIDIA's stock [1][20] - The TPU has evolved from a project initially deemed unpromising to a strategic asset that could challenge NVIDIA's dominance in the AI chip market [1][27] - The TPU's development has been marked by rapid iterations, with the latest version, TPU v7 Ironwood, achieving peak performance that surpasses NVIDIA's offerings [16][18] Development History - In 2013, Google faced a computational crisis, predicting that the demand for voice recognition would exceed its data center capacity, prompting the decision to develop its own ASIC chips instead of relying on NVIDIA GPUs [2][3] - The TPU project was initiated, and within 15 months, the first TPU was deployed, achieving significant performance and efficiency improvements over existing solutions [3][5] - The TPU's architecture, particularly the "Systolic Array" design, has been a key innovation, allowing for high data reuse and reduced energy consumption [5][6] Iterative Breakthroughs - TPU v2, released in 2017, marked a shift from inference to training capabilities, introducing the bfloat16 format and significantly enhancing performance for large models [9][10] - TPU v3, launched in 2018, adopted liquid cooling to manage increased power density, establishing a new standard for AI data centers [11][12] - TPU v4 introduced optical circuit switching technology, allowing for dynamic network configurations to optimize performance for varying tasks [13][14] - TPU v5p, released in 2023, aimed to balance training and inference capabilities, expanding its application scope [14] Market Position and Strategy - Google is now actively commercializing TPU, engaging with cloud service providers and large enterprises to deploy TPUs in their data centers, potentially generating billions in revenue [20][21] - The TPU's success has prompted a talent exodus from Google, with former TPU engineers founding new companies and developing competitive chips [25][26] - The competition between TPU and NVIDIA's GPUs is intensifying, with both technologies expected to coexist in a hybrid deployment model, leveraging their respective strengths [22][28] Future Outlook - The rise of TPU signifies a shift in the AI infrastructure landscape, moving towards a model that integrates cloud services with specialized chips, potentially disrupting NVIDIA's long-standing market dominance [27][28]

Core Insights - Google’s TPU (Tensor Processing Unit) has gained significant attention, with Meta considering a multi-billion dollar contract to deploy TPUs in its data centers starting in 2027, leading to a surge in Google's stock price and a decline in NVIDIA's stock [1][20] - The TPU has evolved from a project initially deemed unpromising to a strategic asset that could challenge NVIDIA's dominance in the AI chip market [1][28] Development History - In 2013, Google faced a computing power crisis, predicting that the demand from just 100 million Android users would exceed its total data center capacity, prompting the decision to develop its own ASIC chips instead of relying on NVIDIA GPUs [3][4] - Google rapidly assembled a team of chip industry veterans and completed the first TPU in just 15 months, achieving significant performance and efficiency improvements over existing solutions [4][6] - The TPU architecture utilizes a "Systolic Array" design, optimizing data flow and reducing energy consumption, which initially faced skepticism from industry experts [6][7] Iterative Breakthroughs - TPU v2 (2017) marked a shift from inference to training capabilities, introducing the bfloat16 format and expanding memory bandwidth to support large-scale training tasks [10][11] - TPU v3 (2018) doubled performance and introduced liquid cooling to manage increased power density, establishing a new standard for AI data centers [12][13] - TPU v4 (2022) incorporated optical circuit switching technology, allowing for dynamic network configurations to meet varying task demands, further enhancing performance [13][14] - TPU v5p (2023) aimed to balance training and inference capabilities, significantly increasing inter-chip bandwidth and cluster size [15][16] - TPU v6 (2024) is designed specifically for inference tasks, improving efficiency and performance metrics crucial for large-scale AI services [16] - TPU v7 Ironwood (2025) is positioned to directly compete with NVIDIA in inference performance, featuring advanced specifications and capabilities [18][19] Market Dynamics - Google is actively pursuing the commercialization of TPU, engaging with cloud service providers and major corporations to deploy TPUs in their data centers, potentially generating billions in revenue [20][21] - The rise of TPU is expected to challenge NVIDIA's market position, with projections indicating that ASIC shipments may surpass GPU shipments by 2026 [21][22] - Despite the success of TPU, Google continues to procure NVIDIA GPUs, indicating a future where both architectures coexist in the market [22][24] Talent Movement and Industry Impact - The success of TPU has led to a talent exodus from Google, with former TPU engineers founding new companies and developing competitive technologies, highlighting the competitive landscape in AI chip development [24][26] - The emergence of various companies developing their own AI chips, influenced by the TPU model, signifies a shift in the industry towards specialized hardware solutions [26][28] Future Outlook - The AI infrastructure landscape is expected to evolve from solely building GPU clusters to a hybrid model incorporating cloud services, dedicated chips, and diverse architectures, breaking NVIDIA's long-standing monopoly [29][30]

Core Viewpoint - The stock of Hillstone Networks has shown a significant increase in price and trading activity, reflecting positive market sentiment towards the company's performance and growth potential in the cybersecurity sector [1][2]. Financial Performance - As of September 30, 2023, Hillstone Networks reported a revenue of 719 million yuan, representing a year-on-year growth of 1.91% [2]. - The company recorded a net profit attributable to shareholders of -72.84 million yuan, which is an increase of 4.89% year-on-year, indicating improved performance despite a negative profit [2]. Stock Performance - Hillstone Networks' stock price increased by 27.87% year-to-date, with a recent 10.60% rise over the last five trading days [1]. - The stock is currently priced at 19.82 yuan per share, with a market capitalization of 3.572 billion yuan [1]. Shareholder Information - The number of shareholders increased by 10.67% to 7,642 as of September 30, 2023, while the average number of circulating shares per person decreased by 9.64% to 23,584 shares [2]. Business Overview - Hillstone Networks, established on July 20, 2011, specializes in innovative technologies in the cybersecurity field, offering a range of products and services including boundary security, cloud security, data security, and internal network security [1]. - The revenue composition of the company includes 75.09% from boundary security products, 18.93% from other security products, 5.09% from cloud security products, and 0.88% from other supplementary services [1]. Dividend Information - Since its A-share listing, Hillstone Networks has distributed a total of 51.0032 million yuan in dividends, with no dividends paid in the last three years [3].

Group 1: Consumer Sector - The Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Commerce, Ministry of Culture and Tourism, People's Bank of China, and State Administration for Market Regulation issued a plan to enhance the adaptability of supply and demand for consumer goods and further promote consumption [5] - OpenAI and Target are collaborating to introduce new AI-driven experiences in the retail sector, indicating that AI applications are entering a new catalytic phase [6] - Walmart's stock rose over 6% after the company reported strong quarterly results and raised its full-year outlook, highlighting the advantages of its offline channels [9] Group 2: Influenza Treatment - There is a noticeable increase in demand for influenza-related medications on Alibaba Health's platform as the flu season arrives earlier this year [11] - The flu activity has been rising, leading to increased demand for respiratory medications, with companies like Beijing University Pharmaceutical and Jindike both experiencing stock surges [12] - JD's medicine delivery platform reported a significant month-on-month increase of 10% in sales of flu medications since November [13] Group 3: Consumer Electronics - The consumer electronics industry is accelerating, with Huawei launching the Mate 80 series and other new products [16] - Institutions predict that the AI toy market will exceed 100 billion by 2030, with companies like Fenda Technology customizing AI desktop companion robots [17] - The entry of major companies into the consumer electronics sector is expected to drive growth, with smart glasses potentially becoming a significant product category [19] Group 4: Computing Hardware - Google recently launched its new multimodal AI model Gemini 3 and image generation model Nano Banana Pro, showcasing impressive performance [21] - The introduction of optical switching technology in TPU interconnects is expected to create a broad market opportunity [21] - Semiconductor company Saiwei Electronics has seen a stock price increase of 46.85% due to its MEMS-OCS technology, which serves major clients like Google [23][24]