Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is a leading global Fabless chip supplier, expanding its product lines in storage, MCU, niche DRAM, sensors, and analog chips, benefiting from a recovery in downstream demand and opportunities arising from the exit of overseas competitors from niche markets [2][3] - The NOR Flash market is expanding due to AI-driven demand, with the company achieving a market share of 18.5%, ranking second globally and first in mainland China [3][26] - The exit of major overseas manufacturers from the DDR3 market has created significant opportunities for domestic manufacturers in the niche DRAM sector, with the company poised to capture market share [4][45] Summary by Sections I. Global Leading Fabless Chip Supplier - The company has a diversified layout in "sensing, storage, computing, control, and connectivity," continuously deepening its product offerings since its establishment in 2005 and listing in 2016 [7][9] II. AI-Driven Expansion of NOR Flash Market - The global NOR Flash market is projected to grow from $2.8 billion in 2024 to $4.2 billion by 2029, driven by AI applications in consumer electronics and automotive sectors [23][26] - The company has achieved a significant market share in NOR Flash, benefiting from the exit of major competitors and the increasing demand for AI-enabled devices [3][26] III. Optimized Supply Landscape for Niche DRAM - The company is well-positioned in the niche DRAM market, with a product line that includes DDR4 and LPDDR4, expected to see significant growth due to the exit of major players from the DDR3 market [4][45] - The global niche DRAM market is anticipated to grow from $8.5 billion in 2024 to $13.2 billion by 2029, driven by demand from industrial control, AI applications, and automotive electronics [43][45] IV. Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 94.23 billion, 119.46 billion, and 149.62 billion yuan, with corresponding net profits of 17.76 billion, 25.29 billion, and 31.68 billion yuan, reflecting strong growth rates [5][11]

③英伟达拿下芯片初创公司Groq推理技术授权； ④阿里通义千问宣布图像编辑模型Qwen-Image-Edit-2511正式开源； 英伟达拿下芯片初创公司Groq推理技术授权。 ①江苏省具身智能机器人产业现场推进会在苏州召开； ②2026北京亦庄人形机器人半马官宣4月19日开跑； ⑤云深处科技完成数亿元Pre-IPO轮融资； ⑥ETC领域首个AI助手上线，基于腾讯混元底层大模型； ⑦华勤技术成立智能科技公司，含智能机器人的研发业务。 ...

（编辑 王雪儿） 证券日报网讯 12月25日，国科微在互动平台回答投资者提问时表示，目前，公司业务暂不涉及商业航 天领域。公司物联网系列芯片中的卫星定位芯片可应用于直播卫星机顶盒、通信授时、无人机、车联 网、导航定位、测量测绘、安全监测、精准农业、智能穿戴等应用领域，为业界提供领先的高精度定位 和授时方案。 ...

Core Viewpoint - Longxin Zhongke indicates that quantum chips are currently focused on specialized scenarios and pilot applications, and have not yet achieved large-scale commercialization or widespread application in general CPU fields [1] Group 1 - Longxin Zhongke's response highlights the current limitations of quantum chip technology in terms of commercial viability [1] - The company emphasizes that quantum chips are primarily being tested in specific use cases rather than being deployed broadly [1] - There is a clear distinction made between specialized applications and general CPU usage, indicating a gap in the technology's current capabilities [1]

英伟达向21世纪经济报道记者回应称，"我们并未收购 Groq。我们只是获得了 Groq 知识产权的非独家 授权，并从 Groq 团队中聘请了工程人才加入我们。" 当地时间12月24日，AI芯片初创公司Groq宣布已与英伟达就其推理技术达成非独家许可协议。根据协 议条款，Groq创始人Jonathan Ross、总裁Sunny Madra及其他核心团队成员将加入英伟达，共同推进授 权技术的升级与规模化应用。 Groq将继续作为独立公司运营，Simon Edwards将接任首席执行官职务。Groq云服务也将保持正常运 行，不受此次合作影响。 不过，此前有报道称，英伟达已收购Groq，完成其规模最大的一笔收购。Groq投资方之一Disruptive的 CEO Alex Davis透露，英伟达已同意以200亿美元（约合1402亿元人民币）现金收购Groq资产。 对此，英伟达向21世纪经济报道记者回应称，"我们并未收购 Groq。我们只是获得了Groq知识产权的非 独家授权，并从Groq团队中聘请了工程人才加入我们。我们将共同致力于提供世界领先的加速计算技 术。" 记者获得的一封英伟达CEO黄仁勋在发给员工的电子邮件中 ...

Group 1: Stock Resumption - Baina Qiancheng plans to acquire 100% of Zhonglian Century, a leading digital marketing service provider in the telecommunications industry, and will resume trading [1] - Yichang Technology will have Weiran Partners become its controlling shareholder, leading to stock resumption [1] Group 2: External Investments and Daily Operations - Zhongwei Co., Ltd. signed a strategic cooperation framework agreement with Xinwanda to collaborate on precursor product technology development, product supply, cathode material development, and global capacity layout [2] - Zhongding Co., Ltd. plans to establish a joint venture to engage in joint assembly of robotic products to support complete machine assembly [2] - Huadian Technology signed contracts worth 265 million yuan for six major pipelines for ultra-supercritical power plants and a 159 million yuan digital business contract for a high-altitude renewable energy site [2] - Unigroup Guowei's wholly-owned subsidiary plans to jointly invest with a subsidiary of CATL to establish a company focused on automotive domain control chips [2] - Haike Xinyuan signed a strategic cooperation agreement with Faenlight, expecting a supply of 270,000 tons of electrolyte solvents and additives [3] - Jinlongyu plans to establish a 1.5 billion yuan industrial merger and acquisition fund with Investment Control Donghai, focusing on its main business while considering investments and mergers in the solid-state battery industry chain [3] - Hengsheng Energy's subsidiary signed a sample testing agreement for diamond heat dissipation products with chip technology developer Company H [3] - Ruisheng Intelligent secured a procurement project for domestic computing power equipment and supporting services worth 152 million yuan [4] - Guangju Energy signed a strategic cooperation agreement with China General Nuclear Power Corporation Guangdong [5] - Senyuan Co., Ltd. signed a 26.78 million yuan contract for the construction of a computing power cluster integration project with an affiliated party [6] - ST Jianyi's controlling shareholder waived 1.4 billion yuan of the company's debt principal and 8.8967 million yuan in interest, and donated 400 million yuan in cash assets [7]

紫光同芯科技注册资本为3亿元，紫光同芯认缴出资1.53亿元，对应出资比例为51%。交易完成后，紫 光同芯科技将纳入紫光同芯合并报表范围。 人民财讯12月25日电，紫光国微（002049）12月25日公告，公司全资子公司紫光同芯微电子有限公司 (简称"紫光同芯")为独立运营汽车域控芯片业务，增强市场竞争力，提升公司业绩，拟与北京志成高远 电子科技有限公司等五个关联方以及非关联方宁德时代（300750）新能源科技股份有限公司全资子公司 宁波梅山保税港区问鼎投资有限公司共同投资设立紫光同芯微电子科技(北京)有限公司(简称"紫光同芯 科技")。 ...

紫光国微公告称，公司第八届董事会第三十五次会议审议通过全资子公司紫光同芯与志成高远等五个关 联方及非关联方问鼎投资，共同投资3亿元设立紫光同芯科技，其中紫光同芯认缴15,300万元，持股 51%。紫光同芯科技将从事汽车域控芯片研产销，设立后将按评估价19,300.79万元收购紫光同芯相关业 务资产组，评估增值率3,723.15%。因部分交易方与公司有关联关系，本次投资构成关联交易。 ...

Core Viewpoint - The rise of domestic chip companies in China has led to a wave of IPOs, creating a number of billionaires in the tech sector, with companies like Shanghai Birun Technology starting their IPO process in Hong Kong [2][14][15]. Group 1: Capital Market Entry - Domestic chip industry leaders are rapidly entering the capital market, creating a sense of excitement and competition [16]. - Companies like Moer Technology and Muxi Co., Ltd. have seen significant stock price increases upon their IPOs, with market capitalizations exceeding 300 billion yuan [3][15]. - Birun Technology plans to issue approximately 248 million H-shares at a price range of 17 to 19.6 HKD per share, aiming to raise between 4.21 billion and 4.85 billion HKD [3][17]. Group 2: Winners in the Market - The success of companies like Moer Technology and Muxi Co., Ltd. has led to substantial wealth creation for early investors, with Moer Technology's stock price soaring by 468.8% on its debut [5][20]. - The mysterious investment firm "Peixian Qianyao" achieved remarkable returns from its investment in Moer Technology, highlighting the potential for significant profits in this sector [5][19]. - Founders of companies like Muxi Co., Ltd. have seen their net worth increase dramatically, with Muxi's founder reaching a valuation of 47 billion yuan shortly after the IPO [20]. Group 3: Challenges and Risks - Despite the excitement, industry experts warn of a crowded market with potential bubbles, as many companies struggle to achieve profitability [22]. - The semiconductor industry faces challenges such as overcapacity risks and intense competition from international giants like NVIDIA and TSMC [22]. - Analysts suggest that while some segments of the chip industry are promising, many companies may not survive the competitive landscape, with nearly 6,000 chip companies having closed in 2022 alone [22].

格隆汇12月25日丨国科微(300672.SZ)在互动平台表示，目前，公司业务暂不涉及商业航天领域。公司 物联网系列芯片中的卫星定位芯片可应用于直播卫星机顶盒、通信授时、无人机、车联网、导航定位、 测量测绘、安全监测、精准农业、智能穿戴等应用领域，为业界提供领先的高精度定位和授时方案。 ...