每经记者｜孔泽思 每经编辑｜魏文艺 数百家国内外龙头企业将云集深圳，展现全球半导体产业最新成果。10月15日~17日，"2025湾区半导体产业生态博览会"（以下简称"湾芯展"）将在深圳会 展中心举行。 《每日经济新闻》记者（以下简称每经记者）从10月10日上午深圳市政府新闻办举行的新闻发布会上获悉，今年的湾芯展将全面对标"更高规格、更广辐 射、更深融合、更优服务"的目标，展览面积超过6万平方米，参展企业超过600家。 深圳市发展和改革委员会主任郭子平在发布会上透露，2024年深圳半导体产业规模达2564亿元，同比增长26.8%。今年上半年产业规模达1424亿元，继续保 持16.9%的快速增长，展现出强劲发展势头。 在国际化方面，湾芯展吸引了来自全球20多个国家超600家龙头骨干企业及知名院校机构参展，并特邀欧洲、东南亚、日韩等地区官方机构和龙头企业代 表，将举办中国制造出海国际供需对接会等多场国际专业论坛。 在品牌化方面，湾芯展着力打造具有全球影响力的"中国半导体自主品牌第一展"。据悉，北方华创、新凯来、拓荆科技、上海微电子、华虹宏力、华润微电 子、华天科技等国内头部企业将悉数参展。 "今年3月28日，新凯来 ...

Group 1 - The European Union (EU) member states have joined the "Semicon Coalition" led by the Netherlands to push for revisions to the EU Chips Act, emphasizing the need for a strategic adaptation to global geopolitical tensions [1] - The coalition aims to shift the focus of the Chips Act from a broad goal of achieving a 20% global market share by 2030 to more targeted objectives, including securing critical technologies, expediting approval processes, and enhancing investment in talent and funding within the semiconductor supply chain [1] - European lawmakers have called for urgent action from the EU Commission to initiate "Chips Act 2.0," stressing the need for increased investment in AI chips and other semiconductor technologies amid geopolitical tensions affecting supply chains [1][2] Group 2 - Currently, Europe produces only about 10% of the world's chips, significantly lagging behind the United States and Asian countries, which raises concerns about losing influence in the global semiconductor industry [2] - New legislation should focus on expanding R&D funding and attracting new investments to strengthen Europe's position in advanced semiconductor technologies [2]

Core Viewpoint - The company reported a revenue increase driven by strong downstream demand, particularly in the IoT and consumer electronics sectors, while also improving profitability through product high-endization [2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.898 billion yuan, a year-on-year increase of 14.67%, while the net profit attributable to shareholders was a loss of 245 million yuan, showing a significant reduction in losses [1][2]. - The second quarter of 2025 saw a single-quarter revenue of 988 million yuan, reflecting a year-on-year increase of 19.76% and a quarter-on-quarter increase of 8.59% [1][2]. - The overall gross margin for the company's chip products reached 23.96%, an increase of 4.85 percentage points year-on-year [2]. Market Position and Product Development - The company’s cellular baseband chip business saw a sales volume increase of over 50% and revenue growth of over 30% in the first half of 2025, with a gross profit increase of over 60% [3]. - The company successfully entered new markets such as AI toys, smart wearables, and AI glasses, which are expected to support long-term growth [3]. - The company launched the world's first RedCap+Android smart chip platform, currently in the design-in phase, with expected product launches in Q4 2025 [3]. Custom Business and Future Growth - There has been a significant increase in demand for smart wearables, edge AI, and RISC-V chips, leading to a substantial expansion of the ASIC custom service market [4]. - The company has a full order book for ASIC chip design services, with projects covering both design and mass production for leading clients [4]. - Revenue projections for 2025 to 2027 are estimated at 4.438 billion, 6.316 billion, and 8.443 billion yuan, with corresponding price-to-sales ratios of 10X, 7X, and 5X [4].

Group 1 - The core viewpoint of the articles highlights the strong growth in Japan's semiconductor manufacturing equipment sales, with a significant increase of 15.6% year-on-year in August 2025, marking the 20th consecutive month of growth and setting a historical record since 1986 [1][2] - Japan's semiconductor equipment sales reached 4,057.64 million yen in August 2025, exceeding 4,000 million yen for the 10th consecutive month, and the cumulative sales from January to August 2025 amounted to 3.375 trillion yen, a 19.2% increase compared to the same period last year [1][2] - The global market share of Japanese semiconductor equipment stands at 30%, making it the second-largest in the world after the United States [1] Group 2 - TSMC plans to exclude Chinese manufacturers from its semiconductor manufacturing equipment for its upcoming 2nm chip production line, anticipating stricter U.S. regulations on Chinese equipment [2] - The Semiconductor Equipment Association of Japan (SEAJ) revised its forecast for Japan's semiconductor equipment sales for the fiscal year 2025 to 4.8634 trillion yen, reflecting a 2.0% increase from the previous year and marking the second consecutive year of record sales [2]

Group 1 - The establishment of a joint laboratory between China Telecom Shandong, Tianyi IoT Technology, and Hisense Hitachi marks a new phase of strategic cooperation and deep integration among the three parties [1][5] - Key leaders from the involved companies participated in the unveiling ceremony and engaged in detailed discussions about the cooperation [3] - The collaboration aims to respond to national technology innovation strategies through deep integration in technology and product development [5] Group 2 - The joint laboratory will focus on core technology research and innovative applications in the home appliance IoT sector, leveraging China Telecom's cloud-network integration and AI capabilities alongside Hisense Hitachi's extensive user base [6] - The cooperation will cover areas such as IoT collaborative innovation, joint laboratory construction, and joint research based on cloud AI modules, aiming to support the smart upgrade of traditional home appliances [6] - The partnership will enhance the design and delivery capabilities of all-intelligent scenario solutions in the home appliance sector, promoting the nationwide rollout of smart appliances based on RISC-V architecture [7] Group 3 - China Telecom Shandong will actively implement the "cloud transformation and digital intelligence" strategy, utilizing resource advantages to drive the construction of the joint laboratory and promote industrial upgrades [8]

智通财经记者 | 张熹珑 智通财经编辑 | 林腾 集成电路是广东珠海发展较早、基础较好的产业之一，在此基础上，这个城市提出"打造成为国内首个RISC-V生态之城"的目标。 9月19日，超128核RISC-V模拟平台LeapEMU在珠海发布。该平台由跃昉科技推出，为支持超128核RISC-V RVA23企业级模拟平台。 现阶段，硬件就绪前软件空窗期漫长、多核复杂系统验证难度高、软硬件协同开发效率低下等问题，仍是RISC-V赛道的痛点。 跃昉科技首席运营官袁博浒接受智通财经采访时指出，"以往情况下，开发RISC-V软件需要先购买RISC-V设备。但是现在市面上RISC-V机器性能较弱，选 择也不多。而这套软件可以部署在X86主机运行，相当于在一个虚拟的RISC-V设备上进行开发。对于用户而言，突破就体现在，可以用现有硬件完成RISC- V的相关开发。" 但进入AI时代，对比传统计算机架构，得益于简洁、开放、低功耗、模块化及可扩展性等特点，RISC-V被视为匹配人工智能浪潮发展、高能效特定领域的 原生基础架构，有望成为全球下一代重要芯片指令集架构。 数据显示，2024年,全球RISC-V芯片市场达113亿美元，中国 ...

Important Market News - The Federal Reserve decided to lower the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [1] - Major U.S. stock indices showed mixed results, with the Dow Jones up 0.57%, while the Nasdaq and S&P 500 fell by 0.33% and 0.1% respectively [1] - International precious metal futures generally declined, with COMEX gold futures down 0.82% at $3694.60 per ounce and silver down 2.15% at $41.99 per ounce [1] - Crude oil prices slightly decreased, with WTI crude down 0.85% at $63.97 per barrel and Brent crude down 0.83% at $67.90 per barrel [1] Industry Insights - China Unicom's project on green electricity and intelligent computing centers was highlighted, showcasing partnerships with several domestic brands, including Alibaba's Pingtouge, with a total computing power of 3479P from 1747 devices and 22832 computing cards [2] - The PPU developed by Alibaba's Pingtouge is optimized for large model inference, achieving peak computing power of 120TFLOPS, indicating strong competitive positioning in edge computing and AI inference [3] - The Ministry of Industry and Information Technology released a draft for mandatory national standards on intelligent connected vehicles, aiming to enhance safety in the industry [4] - The new standards are expected to benefit hardware with safety attributes, testing institutions, and leading autonomous driving companies, particularly as the cost of LiDAR sensors has significantly decreased [5] - Western Digital announced plans to gradually increase prices for all HDD products due to unprecedented demand levels driven by AI and cloud computing, with expectations of continued price increases in the coming quarters [6] - Micron is expected to provide optimistic earnings guidance, with DRAM and NAND prices projected to rise due to limited supply and unexpected demand [7]

Group 1 - The core viewpoint of the article is that STMicroelectronics is investing over $60 million to develop next-generation panel-level packaging technology at its facility in Tours, France, with operations expected to start in Q3 2026 [2] - This investment is part of a broader plan to reshape the company's manufacturing footprint, focusing on advanced manufacturing infrastructure in France and Italy [2] - The company has been developing panel-level packaging using direct copper interconnect (PLP-DCI) since 2020, which improves electrical performance, heat dissipation, and miniaturization while reducing power loss [2] Group 2 - The current automated PLP-DCI production line in Malaysia produces over 5 million large panels (700x700 mm) daily [2] - The project is expected to benefit from synergies with the local research ecosystem, including the CERTEM R&D center [2] - Panel-level packaging is an advanced chip packaging and testing technology that enhances efficiency, reduces costs, and enables smaller, more powerful, and cost-effective devices [2]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Core view 1: Based on its self - owned IP, the company has a rich portfolio of software - hardware chip customization platform solutions for AI applications, covering various types of computing devices [22] - Core view 2: The company is advancing the R & D and industrialization of Chiplet technology and projects, guided by the concepts of "IP as a Chiplet", "Chiplet as a Platform", and "Platform as an Ecosystem" [23] - Core view 3: The company's new orders and backlog of orders are growing rapidly, with AI - related orders driving significant growth, and it expects to further increase royalty income and expand the scale effect of its IP licensing business [24][26] - Core view 4: The acquisition of Nuclei System Technology will strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and promote the coordinated development and industrialization of AI ASIC and RISC - V technologies [25][26] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Xin Yuan Co., Ltd. - U, belonging to the semiconductor industry. The reception time was September 12, 2025. The company's reception personnel included the chairman and president, WAYNE WEI - MING DAI (Dai Weimin), and the director, board secretary, and senior vice - president of human resources and administration, Shi Wenli [17] 3.2 Detailed Research Institutions - The relevant institution is Bosera Fund, a fund management company [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Company business: Xin Yuan is a company that provides platform - based, comprehensive, and one - stop chip customization services and semiconductor IP licensing services. It has six types of processor IPs and over 1,600 mixed - signal and RF IPs. Its business application areas are extensive, and its main customers include various types of companies [22][23] - Technical capabilities: The company has excellent design capabilities in mainstream semiconductor process nodes globally and has successful tape - out experience in advanced semiconductor process nodes [23] - Market position: In 2024, Xin Yuan was the top - ranked semiconductor IP licensing service provider in mainland China and ranked eighth globally in terms of semiconductor IP sales revenue. Its IP royalty income ranked sixth globally, and its IP variety ranked among the top two in the world's top ten IP companies [24] - Business performance: In Q2 2025, the company achieved an operating income of 584 million yuan, a quarter - on - quarter increase of 49.90%. As of the end of Q2 2025, the backlog of orders reached 3.025 billion yuan, a quarter - on - quarter increase of 23.17%. In Q2 2025, new orders were 1.182 billion yuan, a quarter - on - quarter increase of nearly 150%. From July 1 to September 11, 2025, new orders were 1.205 billion yuan, an 85.88% increase compared to the same period last year, with AI - related orders accounting for about 64% [24][25][26] - R & D and market expansion: The company has been investing in R & D in key application areas, such as starting to layout Chiplet technology and its applications in generative AI and intelligent driving five years ago. It is also expanding the incremental market and emerging markets and developing industry - leading customers [24][25] - Acquisition of Nuclei System Technology: The acquisition is expected to strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and bring more benefits and industrial value to the AI ASIC business [25][26] - RISC - V layout: The company has been actively involved in the RISC - V industry for over 7 years. It has played a leading role in promoting the RISC - V ecosystem, including leading the establishment of industry alliances, co - hosting industry forums, and collaborating with leading RISC - V companies. Its semiconductor IP has been adopted by multiple RISC - V chips, and it has launched multiple chip design platforms and hardware development boards based on RISC - V cores [28][29][30]

Market Overview - A total of 75 stocks in the A-share market hit the daily limit, with 67 stocks hitting the limit after excluding 8 ST stocks, resulting in an overall limit-up rate of 74.26% [1] Stock Performance - Chip Original Co. (芯原股份) had the highest limit-up order volume, exceeding 9 billion yuan, followed by Dongzhu Ecology, Rongsheng Development, and Qingshan Paper with order volumes of 5.26 billion yuan, 5.04 billion yuan, and 5.01 billion yuan respectively [2] - *ST Asia Pacific (维权) achieved a five-day limit-up streak, while Suning Universal and Chunzong Technology had four consecutive limit-ups [2] Company Announcements - Chip Original Co. announced plans to acquire 97.0070% of Chip Technology through a combination of share issuance and cash payment, which will make Chip Technology a wholly-owned subsidiary [2][3] - The transaction aims to leverage Chip Original's semiconductor IP and chip customization platform to enhance its market influence and technical barriers in the RISC-V field [3] Industry Highlights Non-ferrous Metals - Notable limit-up stocks include Northern Copper, Shengda Resources, Hunan Silver, and others, with Northern Copper producing 21,700 tons of copper concentrate and 137,000 tons of electrolytic copper in the first half of the year [4] Computing Power - Key limit-up stocks in this sector include Kehua Data, TeFa Information (维权), and Runjian Co. Kehua Data is a pioneer in the liquid cooling field, offering full lifecycle services for liquid cooling data centers [5][6] Film and Entertainment - Limit-up stocks include Golden Screen Cinemas and China Film. Golden Screen Cinemas plans to upgrade older cinema projects to enhance customer experience [7] - China Film is involved in producing several films, including "Nanjing Photo Studio" and "The Cat and the Mouse: Starry Adventure" [8] Institutional Activity - The net purchase by deep stock connect exceeded 1 billion yuan for Yinghe Technology (维权), with significant net buying also seen in other stocks like Jin Xin Nuo and Fangzheng Technology [9]