国内领先的专用型存储芯片与微控制器设计公司兆易创新今日正式在香港联合交易所主板挂牌上市，股票代码[03986.HK]。此次上市标志着这家已在A股 市场耕耘近八年的芯片设计龙头，正式开启"A+H"双资本市场平台的新篇章。 | 09:49 N | | | * 0 ' 2 ... Il ... 83 .. | | | | --- | --- | --- | --- | --- | --- | | | | 兆易创新 | | | | | | | HK 03986 ▼ | | | | | 242.200 最高 | | 248.800 今开 | 235.000 量 | | 565.8万 | | +80.200 +49.51% 取扱 | | 232.200 昨收 | 162.000 振幅 | | 10.25% | | A股报价 270.58 +3.34% | | | 溢价率(A/H):24.32% | | | | 分时 王日 | | 周Ｋ 月K | | 更多 ▼ (0) | | | 价 242.200 幅 49.51% 均 229.313 量 9501 | | | | | | | 148.800 | | | _53.58% ...

Investment Rating - The report indicates a significant increase in net profit for the company, with an expected rise to 14 billion to 14.3 billion yuan in 2025, representing a year-on-year growth of over 360% [3]. Core Insights - The company's revenue is projected to be between 18.3 billion and 18.5 billion yuan in 2025, showing a minimal year-on-year growth of only 0.6% to 1.7% [5]. - The increase in profit is primarily attributed to investments in two GPU companies, Moer Thread and Muxi Co., which have seen substantial stock price increases following their IPOs [7][9]. - The company's main business, which involves designing Bluetooth audio SoC chips, is facing challenges in a competitive market, with a decline in both gross and net profit margins [14][18]. Summary by Sections Investment Performance - The company made investments totaling 200 million yuan in two GPU startups, which have significantly appreciated in value, leading to a profit increase of over 11 billion yuan [10]. - The stock prices of Moer Thread and Muxi Co. surged post-IPO, with increases of 425% and 692% respectively, contributing to the company's impressive profit forecast [9]. Main Business Analysis - The company's core business focuses on Bluetooth audio SoC chips, primarily for TWS headphones and smart devices, but is struggling with low margins due to intense competition [14][17]. - The gross margin has dropped to just over 20%, indicating pressure from larger competitors entering the market [18]. - Despite efforts to expand into AI headphones and smart wearables, these initiatives have yet to generate significant revenue [20]. Conclusion - The company's performance in 2025 reflects a dichotomy of a stagnant core business while achieving remarkable success through strategic investments [22]. - The report raises questions about the sustainability of the company's growth, emphasizing the importance of solid products and market stability over mere investment luck [24].

Core Insights - The company Zhongke Lanyun expects a net profit attributable to shareholders of 1.4 to 1.43 billion yuan in 2025, representing a year-on-year increase of over 360% [2] - The revenue forecast for 2025 is between 1.83 to 1.85 billion yuan, showing minimal growth of only 0.6% to 1.7% [2] - The company's core profit, excluding non-recurring items, is projected to decline by 1.7% to 989 million yuan, indicating a decrease in operational profitability [2] Investment Performance - The significant profit increase is attributed to successful investments in two GPU companies, which have seen substantial stock price increases [3] - Zhongke Lanyun invested 150 million yuan in the GPU startup Moer Thread and 50 million yuan in another GPU company, Muxi Co., acquiring minor stakes in both [3] - By the end of 2025, both companies are expected to have IPOs with stock price surges of 425% and 692%, respectively, leading to a combined valuation of over 16 billion yuan for Zhongke Lanyun's stakes [4] Core Business Analysis - The company's main business focuses on designing Bluetooth audio SoC chips, primarily for TWS (True Wireless Stereo) headphones and other smart devices [4] - Zhongke Lanyun is recognized as a "cost-performance king" in the white-label TWS chip market, which is characterized by low prices and high volume [4] - The white-label market faces intense competition and price wars, leading to declining gross and net profit margins, with gross margins hovering just above 20% [6] Future Prospects - The company is exploring new directions in AI headphones and smart wearables, but these initiatives have yet to generate significant revenue [6] - The competitive landscape, particularly with major players like Xiaomi and Huawei entering the budget TWS headphone market, poses challenges for Zhongke Lanyun [6] - Overall, the company's performance in 2025 reflects a dichotomy of stagnant core business growth while achieving remarkable success through strategic investments [6]

Core Viewpoint - The A-share market experienced a significant surge on January 12, 2026, driven by the NFC (Near Field Communication) industry chain, particularly highlighted by Alipay's "Tap" feature, which has transformed a dormant mobile function into a vital connection between the physical and digital worlds, reshaping the value of the entire NFC industry chain [1] Group 1: Company Performance - Lens Technology (300433.SZ) saw its stock price rise by 10% to 42.66 yuan, with a trading volume of 12 billion yuan, indicating high market activity [2] - Lens Technology is a key supplier for Alipay's "Tap" feature, with its stock increasing by 147% since the feature's announcement on July 8, 2024 [2] - The expansion of the "Tap" feature into various high-frequency applications has opened a "second growth curve" for Lens Technology beyond consumer electronics [3] Group 2: Chip Industry Insights - Fudan Microelectronics (688385.SH) is positioned as a leading domestic chip design company, providing essential NFC and security chips for the "Tap" feature, which contributed to its stock price increasing by 9.84% to 98 yuan [4] - Since the announcement of Alipay's "Tap," Fudan Microelectronics has seen its stock rise by over 220%, highlighting the critical role of NFC chips in the user experience [5] - Institutional investors are actively investing in Fudan Microelectronics, reflecting confidence in the company's value within the NFC ecosystem amid a focus on technological self-sufficiency and supply chain security [5] Group 3: 3D Vision Technology - Orbbec (688322.SH) represents the 3D vision sector, with its long-term stock performance reflecting market optimism about future interaction methods [6] - The "Tap" feature signifies a near-field interaction solution, while 3D vision technology is seen as central to spatial interaction, suggesting a convergence of various interaction modalities in future smart devices [6] - The market is positioning companies like Orbbec as integral to the upcoming AI hardware ecosystem, with applications in robotics, the metaverse, and AIoT [7]

从业务结构来看，图像传感器解决方案贡献核心营收， 2024年该板块收入占比达74.7%， 2025年上半年维持在74.2%。半导体设计业务 迈入高速增长周期 ， 2024年，公司 半导体 设计业务产品销售收入实现 216.40亿元，占主营业务收入的比例为84.30% ， 2025年上半 年占比为83.01%；半导体分销业务稳步增长，2025年上半年收入23.14亿元，占比16.6%， 较上年同期增加41.73%。 豪威集团财务数据的持续改善并非偶然，而是源于公司长期对研发的高度重视与持续投入，研 发能力的不断强化成为驱动业务发展的核心引擎，也构筑起公司的核心技术壁垒。 1月12日，豪威集成电路（集团）股份有限公司（以下简称"豪威集团"）（股票代码： 0501.HK） 正式在香港联合交易所主板挂牌上市 。上市首日早市收市价较发行价上涨15%， 市值突破1500亿港元， 由此 标志着 豪威集团 ，正式迈入 "A+H" 双资本平台新时代。 豪威集团总经理高文宝在上市仪式现场表示， "在企业发展中，我们始终坚信两件事：一是科 技创新是产业发展的根本动力，二是企业的成长必须以开放的心态与时代发展同频共振。此次 港股上市 ...

豪威集团（0501.HK）正式在港交所主板挂牌上市，开盘较发行价上涨3%，市值突破1350亿港元，标 志着公司迈入"A+H"双资本平台新时代。作为全球前三大数字图像传感器供应商，公司近年业绩稳健增 长，2025年前三季度营收217.83亿元、归母净利润32.10亿元，同比分别增长15.20%、35.15%。公司深 耕芯片设计，累计专利4761项，产品广泛应用于智能手机、汽车、医疗、安防及新兴市场（机器视觉、 智能眼镜及端侧AI）等领域，手机业务高端化突破，汽车及新兴市场成增长引擎。未来，公司将依托 双资本平台，加码研发，拓展全球市场，深化生态合作。 ...

Core Viewpoint - The Taiwanese authorities are promoting the "Chip Innovation Taiwan Plan" to enhance the IC design and R&D capabilities in Taiwan, aiming to increase the global market share of advanced IC design to 80% within 10 years [1][4]. Group 1: IC Design Top Plan - The "IC Design Top Subsidy Program" is managed by the Ministry of Economic Affairs, focusing on supporting local IC designers to invest in internationally competitive chip and system development, with a budget of NT$2.7 billion for this year [1][2]. - The program emphasizes forward-looking technology layouts, particularly in satellite communication, multifunctional robots, and drones, encouraging proposals that meet or exceed international benchmarks [1][2]. - The program allows applications from individual companies or collaborations, with a maximum duration of 2 years for the subsidy [2]. Group 2: Driving IC Design Plan - The "Driving IC Design Program" prioritizes support for key development areas such as drones, robots, and satellite communications, with maximum subsidies of NT$200 million for individual projects and NT$300 million for collaborative projects [4][5]. - The program aims to boost Taiwan's IC design market share from 19% to 40% globally within 10 years, with advanced processes expected to grow to 80% [4][5]. - In the previous year, the program approved 28 projects involving 33 companies, with a total subsidy amount of NT$1.3 billion, projected to create nearly NT$36 billion in value [5].

有投资者在互动平台向信邦智能提问："您好，公司并购公司的增发价格是多少？并购公司所生产的车 规级芯片在国内的占有率是多高？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 针对上述提问，信邦智能回应称："尊敬的投资者您好！本次交易方案由发行股份及支付现金购买资产 和募集配套资金两部分组成。本次发行股份购买资产的定价基准日为第三届董事会第二十五次会议决议 公告日。本次发行股份购买资产的发行价格为20.40元/股，调整后的发行价格为20.30元/股。最终发行 价格尚需经深交所审核通过及中国证监会予以注册。本次交易中，上市公司拟向不超过35名符合条件的 特定投资者，以询价的方式向特定对象发行股份募集配套资金。具体发行价格将在本次交易经深交所审 核通过并经中国证监会予以注册后，由上市公司董事会根据股东会授权，按照相关法律、行政法规及规 范性文件的规定，并根据询价情况，与本次发行的独立财务顾问（主承销商）协商确定。标的公司英迪 芯微为Fabless模式芯片设计企业。在汽车内饰灯控制驱动芯片领域，标的公司在国内率先实 ...

香港将迎来又一家芯片设计公司上市。豪威集成电路（集团）股份有限公司将在香港开始交易，该公司 已在上海上市。豪威通过发行股票筹集48亿港元（约合6.16亿美元），发行价为每股104.8港元。该股在 周五暗盘市场中一度上涨43%。豪威香港发行价较A股周五收盘价折让29%，而港股较A股的平均折价 率约为19%。豪威前身为韦尔股份，是一家CMOS图像传感器供应商，这类芯片可将入射光转换为电信 号，广泛应用于智能手机、汽车以及智能眼镜、边缘人工智能等新兴技术。根据2025年研究机构 TrendForce发布的报告，豪威2024年被列为全球十大Fabless半导体设计公司之一，其中还包括英伟达等 国际巨头。 ...

天数智芯成立于2015年，提供针对不同行业的通用GPU产品及AI算力解决方案。公司的产品组合主要包括通用GPU芯片及加速卡，以及定制 AI算力解决方案(包括通用GPU服务器及集群)，将硬件与专有的软件栈结合，以满足客户在训练及推理场景中的特定需求。根据弗若斯特沙利 文的资料，在中国芯片设计公司中，该公司是首家实现推理通用GPU芯片量产的公司，首家实现训练通用GPU芯片量产的公司，及首家采用先 进7nm工艺技术达成该等里程碑的公司。此次IPO，天数智芯全球发售约2543.18万股股票，首发募集资金约36.77亿港元。截至定稿，该公司市 值为408.43亿港元。华泰国际为其独家保荐人。 港交所主板的成功上市，将极大提升天数智芯的行业影响力，推动天数智芯品牌走向世界，促进公司治理更规范透明。 2026年1月8日，来自上海的通用GPU芯片设计公司—上海天数智芯半导体股份有限公司（以下简称"天数智芯"），成功在港交所主板IPO上 市。 ...