Group 1 - The core viewpoint of the article is that Shanghai Tensu Zhixin Semiconductor Co., Ltd. has successfully passed the IPO hearing for Hong Kong stocks, marking a significant event in the capital market [1] - Tensu Zhixin specializes in providing general GPU products and AI computing solutions tailored for various industries, including general GPU chips, accelerator cards, and customized AI computing solutions [3] - The company is the first in China to achieve mass production of inference general GPU chips and training general GPU chips, utilizing advanced 7nm process technology [3] Group 2 - Revenue figures for Tensu Zhixin from 2022 to 2025 are as follows: 2022 - 189 million RMB, 2023 - 289 million RMB, 2024 - 540 million RMB, and for the first half of 2025 - 324 million RMB, indicating a growth trend [3][4] - The company reported losses for the same periods: 2022 - 554 million RMB, 2023 - 817 million RMB, 2024 - 892 million RMB, and for the first half of 2025 - 609 million RMB [3][4] - In the first half of 2025, the company achieved a revenue increase of 64.2% compared to the same period in the previous year, although losses also increased from 404 million RMB to 609 million RMB [3]

Core Viewpoint - TianShu ZhiXin has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO as a leading provider of general-purpose GPU chips and AI computing solutions in China [1] Company Overview - TianShu ZhiXin specializes in general-purpose GPU products, including the TianYai and ZhiKai series, which are designed for high performance, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [1] - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips, utilizing advanced 7nm process technology [1][2] Product and Market Positioning - The company’s product lineup includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2] - TianShu ZhiXin has adopted a core philosophy of hardware-software co-design to strategically position itself in the growing market for general-purpose GPUs driven by the rise of AI technologies [2] Financial Performance - From 2022 to 2024, TianShu ZhiXin experienced rapid revenue growth, with revenues of 189 million, 289 million, and 540 million yuan respectively; in the first half of 2025, revenue reached 324 million yuan, a year-on-year increase of 64.24% [3] - Despite revenue growth, the company reported net losses of 554 million, 817 million, 892 million, and 609 million yuan during the same period due to increased R&D costs [3] Investment and Financing - Since its establishment, TianShu ZhiXin has completed multiple rounds of financing, with notable shareholders including DaCheng Capital, Shanghai Guosheng, and Dingli Capital [3] - The company has attracted investments from firms like FuSenMei, which has a history of investing in high-potential sectors including AI chips [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady revenue and profit growth, with a significant increase in net profit excluding non-recurring items. In the first three quarters of 2025, the company achieved a revenue of 921 million yuan, a year-on-year increase of 11.59%. The net profit attributable to shareholders reached 90 million yuan, up 23.05%, while the net profit excluding non-recurring items surged by 141.76% to 62 million yuan [4]. - The company is optimizing its storage controller chip matrix and strengthening its market advantage in the SSD controller field. It has fully laid out SATA and PCIe 3.0/4.0/5.0 SSD controller chips, becoming one of the manufacturers with the most complete product lines in the industry. In the first half of 2025, the company saw steady growth in SSD controller chip shipments, with significant market recognition for its PCIe Gen4 products [5]. - The embedded controller chip segment is expected to become a new growth engine. The company has entered the embedded controller chip market, with its UFS 3.1 controller chip already being applied in mobile terminals. The development of embedded UFS module solutions is progressing smoothly, which may become a new business growth point for the company [6]. Financial Projections - The company is projected to achieve revenues of 1.4 billion yuan, 1.7 billion yuan, and 2.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 150 million yuan, 200 million yuan, and 270 million yuan for the same years [7]. - The financial metrics indicate a growth rate of 13.55% for revenue in 2024, increasing to 20.26% by 2027. The net profit growth rate is expected to be 126.04% in 2024, tapering to 35.33% by 2027 [10]. Relative Valuation - The company is positioned as a leading independent SSD controller chip manufacturer globally, with a comprehensive chip design and industrialization platform. The relative valuation analysis suggests a price-to-sales (P/S) average of 20.31x for 2025, based on comparisons with peers [13].

Core Viewpoint - Lianyun Technology has shown significant financial activity with a notable increase in shareholder numbers and revenue growth, indicating a positive trend in its market performance [1][2]. Group 1: Financial Performance - As of December 10, Lianyun Technology reported a revenue of 921 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 11.59% [2]. - The company's net profit attributable to shareholders reached 90.06 million yuan, marking a year-on-year increase of 23.05% [2]. Group 2: Shareholder Activity - The number of shareholders for Lianyun Technology increased to 17,200, which is a rise of 12.31% compared to the previous period [2]. - The average number of circulating shares per shareholder is 17,039, up by 272.95% from the last period [2]. Group 3: Financing and Margin Trading - On December 18, Lianyun Technology experienced a financing buy-in of 29.26 million yuan, with a net financing purchase of 8.84 million yuan [1]. - The total financing and margin trading balance for Lianyun Technology reached 524 million yuan, accounting for 3.99% of its circulating market value, which is above the 90th percentile of the past year [1].

金融市场瞬息万变，投资与经济政策深刻影响全球。我们为您带来昨夜今晨的财经新闻，涵盖股市动 态、经济数据、企业财务和政策更新，帮助您全面把握金融世界。 海南封关首日，居民排长队购首批榴莲，超市：每斤78元至98元，价格低于平时的一半 海南自贸港封关首日，首批通过"一线放开"政策快速通关的1.5吨马来西亚猫山王等鲜榴莲在海口超市 开售。得益于境外直采与快速通关模式，其售价为每斤78至98元，低于平时一半，引发居民排长队抢 购。这标志着封关后"零关税"等政策开始惠及民生，旨在降低进口商品成本并提升购物便利性。 康师傅创始人三儿子将担任CEO，今年43岁，有哈佛学位 康师傅控股宣布高层人事变动，现任CEO陈应让将于2025年底退休。自2026年1月1日起，公司创始人魏 应州的三子、43岁的魏宏丞将接任CEO。魏宏丞拥有哈佛商学院MBA学位，自2015年起在康师傅饮品 板块任职，曾主导推出多款爆款产品。此次变动标志着公司领导权在职业经理人十年后，再度回归创始 人家族。 近14亿元大宗交易背后的"心酸往事"：恒逸石化第四期员工持股计划参与者亏损惨重 恒逸石化控股股东近期以近14亿元通过大宗交易增持公司股份，但公告后股价却 ...

继续强化RISC-V布局 9月12日，芯原股份公告，拟通过发行股份及支付现金的方式收购芯来智融半导体科技（上海）有限公 司（下称"芯来科技"）97.01%股权，并募集配套资金。收购标的芯来科技为RISC-V CPU IP领先企业， 2024年营业收入7794.7万元，净利润-761.74万元（剔除股份支付影响后），毛利率超90%。 资料显示，芯来科技的RISC-V IP业务在中国本土处于领先地位，拥有全系列RISC-V CPU IP矩阵和领 先的车规IP产品，在全球已授权客户超300家。通过本次交易，芯原股份计划进一步完善IP储备并强化 在RISC-V领域的布局。 但是12月12日，芯原股份公告终止本次重组。对于终止原因，公司介绍，在推进各项工作过程中，标的 公司管理层及交易对方提出的核心诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏 差；公司收到了标的公司管理层及交易对方终止本次交易的通知。 日前，芯原股份董事长戴伟民在合肥举行的上市公司高质量发展大会上表示，半导体并购最大的挑战是 标的估值问题，即卖方对估值预期太高致使谈不拢，成为并购方案失败的原因。对此戴伟民建议，可以 针对不同融资轮次进行 ...

近日，兆易创新科技集团股份有限公司（下称："兆易创新"）通过港交所聆讯。中金公司、华泰国际为其联席保荐人。这也意味着，兆易创新即将成为一 家"A+H"公司。 招股书显示，兆易创新是一家多元芯片设计公司，为客户提供包括Flash、利基型DRAM、MCU、模拟芯片及传感器芯片等多样化芯片产品，以及包括相 应算法、软件在内的一整套系统及解决方案。 截至今日（12月18日）收盘，兆易创新A股股价为214.45元/股，总市值为1432亿元。 前三季度营收68.32亿元 该公司通过港股聆讯后发布的招股书（下称："招股书港股聆讯后版本"）显示，其2022年度至2024年度及2025年上半年的营收分别为81.3亿 元、57.61亿元、73.56亿元、41.5亿元；毛利分别为37亿元、17.46亿元、26.23亿元、15.33亿元；上述同期的营业利润分别为22.74亿元、1.36亿 元、11.5亿元、6.2亿元。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

12月10日，中科曙光正式宣布，终止与海光信息的吸收合并计划！ 回顾半年前，海光信息曾在6月计划以0.5525:1的比例换股吸收中科曙光。 前者是国内重要的CPU、DCU（AI加速芯片）设计公司，后者是国内领先的计算、服务器、存储和云 计算服务商，一个偏芯，一个偏端和云，二者市值相加甚至超过了5000亿（2025年12月16日）。 然而，这场旨在打造"芯片-服务器-算力服务"一体化巨头的战略性重组，却在众人的期待与疑惑中戛然 而止了。 那么，这两家公司渊源从何而起？合并终止又意味着什么呢？ 海光信息成立于2014年，自其诞生之初，中科曙光就是其最大的股东。截至9月30日，曙光信息依旧持 有海光信息27.96%的股权。 业务上，二者天然互补。 海光信息专注CPU/DCU芯片设计环节；中科曙光则在整机制造环节提供服务器、智能计算中心等，云 平台用户超200万，覆盖90%省级政务云渠道。 它们如果合并，海光信息的CPU/DCU芯片可直接深度适配中科曙光的服务器系统，减少适配成本，提 升产品迭代速度。 这个国产算力全栈"巨无霸"的故事，在AI算力、国产化替代热火朝天的近几年，无疑是一个强强联合、 打通闭环的剧本。 可 ...

Group 1: Economic Development and Growth - Shandong Province's 14th Five-Year Plan emphasizes high-quality development, with a focus on Jinan as a key city for economic growth [1][2] - Jinan's GDP reached 10,433.7 billion yuan in the first three quarters of 2025, marking a 5.4% year-on-year increase, with an annual total expected to exceed 1.4 trillion yuan [1] - The city aims to convert policy benefits into tangible development results, contributing significantly to Shandong's high-quality growth [1] Group 2: Innovation and Technology - The plan highlights the importance of nurturing leading technology enterprises and supporting high-tech and small-to-medium enterprises [2] - Jinan's global innovation ranking improved to 27th in the 2025 Nature Index, reflecting significant advancements in research and development [3] - R&D investment in Jinan surpassed 40 billion yuan in 2024, a notable increase from 22.55 billion yuan in 2020, with technology contract transactions reaching 92.61 billion yuan, up 179% [3] Group 3: Green Development - The 2025 Shandong Green Low-Carbon High-Quality Development Conference emphasized the need for a new energy system and ecological protection [6] - Jinan is positioned as a core city for green low-carbon development, integrating these principles into all aspects of economic and social development [6][7] - The city has seen a 23.5% reduction in energy consumption per unit of GDP from 2021 to 2024, with renewable energy generation growing at an annual rate of 25.34% [7] Group 4: Industrial Structure and Modernization - The plan calls for the cultivation of emerging industries and future-oriented sectors, with a focus on robotics as a key area for new productivity [10] - Jinan's industrial strategy includes 13 landmark industrial chains and 34 key industrial chains, covering critical sectors such as electronic information and advanced materials [11] - The city aims to enhance industrial foundations and modernize supply chains, driving significant industrial growth in the coming five years [12]

Core Viewpoint - The recent leadership change at Jinzi Ham is significant, with the appointment of Zheng Hu as the new president following the resignation of Guo Bo, indicating a strategic shift within the company as it navigates challenges in its core business and explores new ventures in the semiconductor industry [1][4]. Company Leadership Changes - Guo Bo resigned as president of Jinzi Ham after only five months in the role, while still retaining her position as vice chairman and on the board's strategic committee [1]. - Zheng Hu, born in 1991 and previously serving as vice president, has been appointed as the new president, with a term lasting until the end of the current board's tenure [1][3]. Family Background and Influence - Zheng Hu is the son of Zheng Qing Sheng, the company's controlling shareholder, which raises questions about nepotism and the potential for familial influence in corporate governance [3][4]. - Zheng Qing Sheng, a notable entrepreneur with a diverse business background, has been pivotal in Jinzi Ham's recent strategic direction, including the establishment of semiconductor companies [4][6]. Financial Performance - Jinzi Ham reported a revenue of 170 million yuan for the first half of 2025, a decline of 14.73% year-on-year, with a net profit of 22.92 million yuan, down 25.11% [4][6]. - The company's ham business saw a revenue drop of 1.47 billion yuan compared to its peak in 2021, indicating ongoing struggles in its core operations [4][6]. Product Performance Metrics - Sales volume for ham decreased by 14% to 1,004,568 kg in the first half of 2025 compared to the same period in 2024 [5]. - The production volume of ham also fell by 17.55%, while the inventory increased by 10.81%, suggesting potential overproduction issues [5]. Strategic Ventures - Jinzi Ham is venturing into the semiconductor industry, with plans to invest up to 300 million yuan in acquiring a stake in Zhongsheng Microelectronics, which is currently operating at a loss [6][9]. - The company aims to leverage its semiconductor investments to diversify its revenue streams, although the long-term viability of this strategy remains uncertain [9][10]. Market Trends and Opportunities - The high-end market for ham products is growing, with premium offerings like gift boxes and aged hams becoming increasingly popular, presenting a potential growth opportunity for Jinzi Ham [11]. - The company is also focusing on enhancing its online sales channels and direct marketing efforts to capture a larger market share [10][11].