在 2025 年末的 A 股市场，一场关于"硬核科技"的盛宴正进入高潮。 如果说国产GPU独角兽的接连上市是令人振奋的"前菜"，那么随着2025年12月30日长鑫科技正式 递交招股书，这场 AI 算力时代的"顶级主菜"终于正式登场。 作为今年科创板最受瞩目的 IPO，长鑫科技代表着中国 AI 算力最深层的"护城河"。 算力王冠：DRAM 才是 AI 的胜负手 在 AI 大模型狂飙的今天，英伟达的GPU无疑是舞台的中心。但业界共识是：算力的上限不仅取决 于 GPU 计 算 有 多 快 ， 更 取 决 于 DRAM （ 动 态 随 机 存 取 存 储 器 ） ， GPU 的 每 一 次 计 算 都 必 须 由 DRAM内存芯片提供实时数据传输。 当前AI计算的瓶颈就是"内存墙"。即使GPU的计算速度提升了一百倍，如果内存存取速度只提升 了十倍，那么昂贵的算力资源就会因空转。在 AI 运算中，海量参数需要被高频调取，DRAM 因 此成为AI 系统的战略中枢。 特 别 是 其 顶 尖 形 态 ——HBM （ 高 带 宽 内 存 ） ， 被 黄 仁 勋 称 为 " 技 术 奇 迹 " 。 HBM 通 过 将 多 个 D ...

来源：市值风云 全球第四，中国第一。 作者 | 小鑫 编辑 | 小白 2025年的最后一个交易日，半导体行业迎来了一枚重磅"彩蛋"。12月30日，长鑫科技集团股份有限公司 正式向上交所递交了科创板IPO招股说明书。 作为国产存储芯片产业链中备受瞩目的"独角兽"，长鑫科技的此次亮相，不仅带来了一份长达数百页的 详细"家底"报告，更释放了一个令市场为之一振的信号：在经历了长期的巨额投入与亏损后，公司预计 将在2025年实现历史性的全面盈利。 风云君今天就带大家通过这份新鲜出炉的招股书，剥开情绪的外衣，重新审视这家国产存储巨头的真实 价值。 稀缺的IDM样本：全球第四的成色 在半导体行业，存储芯片是市场规模最大的细分领域之一，而DRAM（动态随机存取存储器）又是其中 技术难度最高、市场集中度最高的赛道。 长鑫科技在产业链中的特殊性在于，它是目前中国大陆规模最大、技术最先进的DRAM设计制造一体化 企业。 所谓一体化，即IDM模式。不同于华为海思只做设计、台积电只做制造，IDM模式涵盖了从芯片设计、 晶圆制造到封装测试的全产业链环节。这种模式对资金壁垒、技术积累和产能管理的要求极高，放眼全 球，能够玩转这一模式的玩家 ...

全球第四，中国第一。 作者 | 小鑫 编辑 | 小白 2025年的最后一个交易日，半导体行业迎来了一枚重磅"彩蛋"。12月30日，长鑫科技集团股份有限公司 正式向上交所递交了科创板IPO招股说明书。 作为国产存储芯片产业链中备受瞩目的"独角兽"，长鑫科技的此次亮相，不仅带来了一份长达数百页的 详细" 家 底"报告，更释放了一个令市场为之一振的信号：在经历了长期的巨额投入与亏损后，公司预计 将在2025年实现历史性的全面盈利。 风云君今天就带大家通过这份新鲜出炉的招股书，剥开情绪的外衣，重新审视这家国产存储巨头的真实 价值。 稀缺的IDM样本：全球第四的成色 在半导体行业，存储芯片是市场规模最大的细分领域之一，而DRAM（动态随机存取存储器）又是其中 技术难度最高、市场集中度最高的赛道。 长鑫科技在产业链中的特殊性在于，它是目前中国大陆规模最大、技术最先进的DRAM设计制造一体化 企业。 所谓一体化，即IDM模式。不同于华为海思只做设计、台积电只做制造，IDM模式涵盖了从芯片设计、 晶圆制造到封装测试的全产业链环节。这种模式对资金壁垒、技术积累和产能管理的要求极高，放眼全 球，能够玩转这一模式的玩家屈指可数，主 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 松霖科技（603992.SH） 机器人+大健康，新增长曲线清晰 智能厨卫起家，关税摩擦负面影响逐渐消退 公司传统主营业务为智能厨卫产品，客户以高端厨卫、家居、美容健康等 领域的品牌商为主。公司海外营收占比较大，2024 年境内营收 7.51 亿元， 境外营收 22.64 亿元，境外营收占比 75.1%。2025 年上半年受关税影响 较大，但随着越南基地一期于 2025 年 6 月份投产，海外订单交付满足能 力迅速提高；二期产能正在加紧建设，计划 2026 年上半年投入运营，全 面达产后总产值超 2 亿美元。随着一二期产能的逐步达产，业绩持续改善 趋势有望延续。 高毛利率美容健康类产品发力增长 "健康+颜值"正成为消费新方向。2024 年，公司美容健康类产品实现收 入 3.59 亿元，同比增长 38.4%。且美容健康产品附加值高，毛利率显著 高于智能厨卫产品，2024 年毛利率 49.18%，比传统智能厨卫品类高 15pct 以上，利润空间可观。当前公司大力发展美容健康类业务，美容健康类产 品保持高增长，预计产品结构优化 ...

Core Viewpoint - The GaN market is experiencing a dramatic shift, with major players like NXP and TSMC withdrawing from GaN-related businesses, while other companies continue to invest heavily in GaN technology, indicating a complex interplay of market demand, business logic, and technological evolution [2][4][15]. Group 1: Major Players' Withdrawal - NXP has decided to close its ECHO wafer fab in Arizona, marking its exit from the GaN-based 5G power amplifier market due to disappointing market demand and low investment returns from 5G base station deployments [6][8]. - TSMC announced plans to gradually exit the GaN foundry business by 2027, citing low profitability and intense competition from lower-cost manufacturers [9][10]. - Wolfspeed sold its GaN RF business for $125 million, focusing instead on its SiC business due to declining market share and demand in the SiC sector [12][13]. Group 2: Market Dynamics and Opportunities - Despite the withdrawal of major players, companies like Infineon, Texas Instruments, and domestic firms such as Innoscience and Sanan continue to expand their investments in GaN technology, indicating a bifurcated market landscape [2][15][20]. - The GaN market is shifting from a focus on technological advancement to a competition based on market potential, engineering capabilities, and profitable business models [15][26]. - The power GaN market is projected to grow significantly, with a compound annual growth rate of 42%, reaching approximately $3.0 billion by 2030, driven by demand in sectors like electric vehicles and data centers [26][28]. Group 3: IDM vs. Foundry Models - The competition between IDM (Integrated Device Manufacturer) and foundry models is intensifying, with IDM firms like Infineon leveraging their vertical integration to optimize product performance and reliability [31][32]. - Foundry models, while allowing for rapid market entry and lower initial capital investment, face challenges in customization and supply chain stability, especially with the exit of key players like TSMC [31][32]. - The future of GaN technology may favor the IDM model due to its advantages in cost control and supply chain stability, although foundry models will still play a role in niche markets [33][34]. Group 4: Future Pathways for GaN - The industry is undergoing a profound restructuring, moving away from blind expansion towards a focus on specific market applications and sustainable business models [36][38]. - Cost efficiency is becoming a critical competitive factor, with Chinese manufacturers adopting strategies to lower production costs through large-scale production [37]. - The GaN industry is expected to see increased consolidation, with smaller firms facing challenges in a market that favors those with scale and technological advantages [39].

主流运作：IDM模式主导核心竞争 IDM模式（垂直整合制造）覆盖芯片设计、晶圆制造、封装测试全产业链，能实现技术协同与品质可控，成为头部企业的首选模 式，8家公司均以IDM模式为核心运作基础。 随着第三代半导体材料碳化硅（SiC）和氮化镓（GaN）在新能源汽车、数据中心、消费电子等领域的广泛应用，国内相关上市公 司在产业链中的运作模式呈现多元化发展趋势。本文基于九家A股/港股上市公司公开资料，系统梳理其在碳化硅与氮化镓领域的 业务布局与运作模式，以供参考。 其中，华润微拥有芯片设计、掩模制造、晶圆制造、封装测试全产业链能力，SiC和GaN器件聚焦新能源汽车、充电桩、数据中心 等领域。SiC JBS G3和SiC MOS G2已实现产品系列化量产，车规级SiC MOS和模块完成头部客户测试认证，12英寸先进工艺平台 为产品迭代提供支撑。 闻泰科技（维权）（安世半导体）是全球领先的IDM龙头，SiC和GaN产品覆盖汽车、工业、消费电子等场景。1200V车规级SiC MOSFET实现国内外客户量产出货，650V高压GaN HEMT技术应用于新能源汽车逆变器，汉堡工厂和上海临港12英寸晶圆厂构建 全球产能布局。 士兰 ...

民银国际发布研报称，首次覆盖，给予维珍妮(02199)"买入"评级，其为全球领先的贴身内衣制造商， 采用IDM模式并依托三大核心工艺。近年公司成功将技术优势拓展至运动服饰等高增长领域，运动产品 已成为第二大业务。通过优化客户结构、成熟布局越南产能及基本完成国内迁厂，未来在资本开支可 控、减债降费的趋势下，公司盈利与效率有望持续提升。 民银国际主要观点如下： 公司概览 维珍妮是全球贴身内衣制造行业第一梯队制造商，采用IDM模式并依托三大核心工艺，业务覆盖贴身内 衣/运动产品/消费电子配件/胸杯。FY25公司营收/经调整净利润分别为78.4/4.0亿元。 依托三大核心技术，拓展品类边界至运动服，持续优化客户结构 公司以电脑开模、立体模压成型、无缝贴合三大核心技术构建多元技术矩阵，从传统贴身内衣起步，逐 步拓展至运动内衣、紧身裤、功能运动服及消费电子配件。运动产品为第二大品类，FY25公司贴身内 衣/运动产品/消费电子配件/胸杯分别占总收入54%/37%/5%/3%。公司近年发力Bonding运动服， FY25/FY26H1该品类收入分别同比+50%/+40%，1H FY26Bonding运动服占运动产品收入达4成 ...

Core Viewpoint - The article highlights the strategic transformation of Yintan Zhikong towards an IDM (Integrated Device Manufacturer) model, focusing on the acquisition of two semiconductor companies to enhance its capabilities in research, manufacturing, and sales [1][5]. Company Transformation Strategy - Yintan Zhikong aims to deepen its IDM model by acquiring Guanglong Integrated and Aojian Microelectronics, which will allow the company to integrate research, manufacturing, and market capabilities [1][5]. - The company’s transformation is not a complete shift but an evolution from its existing supply chain role, leveraging market understanding to define products and enhance design capabilities [2][3]. Acquisition Strategy - The acquisition strategy is based on three core criteria: the target must have validated product capabilities, possess reusable technical skills, and create synergies with the existing distribution network and R&D system [4][5]. - The acquisitions are intended to shorten the product development cycle, allowing Yintan Zhikong to bring products to market more quickly by acquiring established products and teams [4][5]. Market Positioning - The company is focusing on long-term value creation rather than merely expanding its business footprint, concentrating resources on areas that can yield sustainable capabilities [3][4]. - The acquisitions align with the company's goal to strengthen its position in key sectors such as smart vehicles, robotics, and AI computing networks, particularly in optical interconnect technology [5][6]. Organizational Development - Yintan Zhikong is undergoing organizational restructuring and cultural transformation to support its strategic direction, emphasizing the importance of clarity in its path and the gradual formation of a closed-loop capability [6][7]. - The company acknowledges that achieving long-term returns in the cyclical semiconductor industry requires time and patience, with a clear strategic vision guiding its efforts [7].

Summary of Semiconductor Storage Controller Conference Call Industry Overview - The conference call focuses on the semiconductor storage controller industry, particularly the SSD (Solid State Drive) module market, which is characterized by a dual-track evolution between independent manufacturers and vertically integrated (IDM) firms [1][2][12]. Key Points and Arguments - **Value Composition of SSD Modules**: In SSD modules, NAND Flash accounts for 75%-85% of the value, followed by controllers at 10%-15%, DRAM cache at 5%-10%, and PCB and peripheral components at 3%-5% [1][3]. - **Market Size**: The overall storage controller chip market is valued at approximately $66 billion, with the NAND controller market between $10 billion and $15 billion, and the SSD controller market around $5 billion to $6 billion [1][6]. - **Rising Interest in Semiconductor Storage**: The semiconductor storage industry has gained attention due to increased storage demands driven by AI, particularly in servers and data centers, and rising prices that have piqued market interest [2][12]. - **Competitive Landscape**: Major players include Marvell, Microchip, Silicon Motion, and Phison, with emerging firms in mainland China like Lianyun Technology and Dapuwei. IDM firms like Samsung and SK Hynix also contribute significantly to the market [1][7][12]. - **Advantages of Independent Manufacturers**: Independent storage controller manufacturers possess four key advantages: flexible adaptation to various NAND types, acting as industry glue connecting upstream and downstream, lifecycle stickiness ensuring continuous supply, and rapid response to technological upgrades [2][9]. Additional Important Insights - **Differentiation in Controller Value by Product Tier**: The value contribution of controllers varies by product tier, with low-end consumer SSDs having a controller value share of 5%-10%, while high-end consumer and enterprise SSDs can reach around 20% [1][4]. - **IDM Firms' Strategy**: IDM firms maintain in-house development of high-end SSD controllers to uphold brand image and ensure technological integration, as seen with Samsung's high-end SSD series [2][10]. - **Global Supply Chain Trends**: The global semiconductor storage supply chain is becoming increasingly layered and competitive, with traditional players in the US, South Korea, and Taiwan maintaining significant positions, while mainland Chinese companies are rising through local support and R&D [12]. This summary encapsulates the critical aspects of the semiconductor storage controller industry as discussed in the conference call, highlighting market dynamics, competitive landscape, and emerging trends.

Core Viewpoint - Songlin Technology (603992.SH) is strategically focusing on its robotics business, set to launch in 2025, with two main business models targeting both domestic and international markets [1] Group 1: Business Models - The first business model targets B-end customers, offering proprietary brand robots that provide a comprehensive hardware and software solution based on scene requirements, primarily in logistics and healthcare service robots [1] - The logistics service robot system includes applications such as inspection security, intra-regional logistics distribution, and front desk explanations [1] - The healthcare service robot system aims to provide services such as mobility assistance, nursing services, and health management to wellness institutions, medical beauty institutions, and beauty service providers [1] Group 2: Consumer Robotics - The second business model operates under the IDM model, focusing on consumer-grade robots sold through leading overseas brand clients [1] - Key product categories include AI toy robots, AI companion robots, and consumer-grade exoskeleton robots [1] - The robotics business is currently in its early stages, and investors are advised to carefully assess investment risks and consider relevant risk factors [1]