Core Insights - Major international companies are investing heavily in AI self-developed chip markets, creating new business opportunities. MediaTek is leveraging its years of R&D strength to enter the ASIC design service market, targeting high-end orders and expanding into the AI sector within cloud data centers [1][2]. Group 1: Market Potential and Growth - MediaTek has revised its total addressable market (TAM) for data center ASICs from $40 billion to $50 billion, driven by increased capital expenditures from cloud service providers [2]. - The company aims to capture a market share of approximately 10% to 15% within the next two years, with expectations of stable growth even if its market share remains constant [2]. - The first ASIC project is expected to contribute several billion dollars in revenue starting in 2027, with a second project anticipated to begin generating revenue in 2028 [2][6]. Group 2: Technological Advancements - MediaTek is actively investing in high-speed interconnects and silicon photonics, focusing on chip-to-chip and chip-to-rack connectivity, while also advancing 2nm process technology and 3.5D packaging [3]. - The company emphasizes its long-term technological foundation and R&D investments as key advantages in the ASIC field, enhancing its capabilities in data center technology and communication with local customers [2][6]. Group 3: Competitive Landscape - The AI ASIC market is projected to grow from $12 billion in 2024 to $30 billion by 2027, with a compound annual growth rate (CAGR) of 34% [5]. - Major tech giants, including Google, Tesla, Amazon, Microsoft, and Meta, are all investing in ASIC chip development, indicating a competitive and rapidly evolving market [5]. - MediaTek's collaboration with Google to develop the next-generation TPU, expected to be produced by 2026, highlights the strategic partnerships forming within the industry [6].

Core Viewpoint - Concerns about the bubble-like valuations in the AI sector are weighing heavily on SoftBank Group's stock price, with the market increasingly viewing SoftBank as a "shadow proxy" for the unlisted OpenAI, leading to significant stock volatility [1][2]. Group 1: Stock Performance and Market Sentiment - SoftBank's stock has experienced a dramatic decline of nearly 40% since late October, resulting in a market capitalization loss of over 16 trillion yen (approximately $102 billion) [1]. - The recent launch of Google's Gemini 3.0 has intensified competitive pressures on OpenAI, contributing to a broader sell-off in the AI sector that has adversely affected SoftBank [1][2]. - Analysts suggest that SoftBank's stock fluctuations are more reflective of its sensitivity to OpenAI's performance rather than a general weakness in the AI market [4]. Group 2: Financial Performance and Strategic Moves - SoftBank's deep exposure to the AI sector, particularly its stake in OpenAI, has led to a significant unrealized gain of $14.6 billion, which was a key driver for a net profit surge to 2.5 trillion yen in the second fiscal quarter [2]. - The company is preparing to invest an additional $2.25 billion in OpenAI as part of a larger $32 billion commitment, highlighting its aggressive strategy to become a central player in the AI ecosystem [3][4]. Group 3: Strategic Acquisitions and Challenges - SoftBank recently completed a $6.5 billion acquisition of Ampere Computing, a U.S. chip design company, while also facing the need to raise funds for a proposed $5.4 billion acquisition of ABB Ltd.'s robotics division [3]. - The CFO of SoftBank expressed caution regarding the current valuation landscape, indicating that the determination of whether the AI sector is in a bubble can only be made in hindsight [3]. Group 4: Competitive Landscape and Investment Logic Shift - The rise of RISC-V architecture poses a competitive challenge to SoftBank's investments, as it gains traction in the AI chip design space, potentially impacting traditional players like NVIDIA [5]. - The investment logic in the AI sector is shifting from indiscriminate buying to a more selective approach, with investors now focusing on identifying winners and losers within the industry [6].

Core Viewpoint - ARM's dominant position in the smartphone processor market poses both a significant asset and a challenge for its upcoming IPO, which aims for a valuation of $60 billion [1] Group 1: Market Position and Challenges - ARM holds a near-monopoly in the mobile and consumer electronics markets, but this dominance may limit future growth opportunities [1] - The company has not penetrated the hottest segment of the chip market for AI models, where NVIDIA is the leader [1] - ARM's relationship with Apple has become complex, with Apple being a major customer but not prominently featured in ARM's IPO documents [2] Group 2: Revenue and Business Model - ARM's revenue model relies heavily on licensing fees, with a 2.7% royalty rate translating to $0.11 per chip sold, leading to limited pricing power [3] - Despite a stable revenue stream from older products, ARM's overall revenue declined by 1% to $2.7 billion last year [3] Group 3: Future Growth Areas - ARM is exploring new markets such as automotive and cloud computing, where it currently holds 41% of the automotive market and 10% of the $18 billion cloud processor market [5][6] - The automotive sector has seen a 36% increase in licensing revenue, indicating potential for growth [6] - ARM's technology plays a supportive role in AI, with partnerships in the autonomous vehicle sector and collaborations with cloud giants [5][6]

Core Viewpoint - Concerns about an AI valuation bubble are negatively impacting SoftBank Group's stock performance, with traders increasingly viewing SoftBank as a "shadow stock" of the unlisted company OpenAI [1][3]. Group 1: Stock Performance and Market Concerns - SoftBank's stock has dropped approximately 40% since late October, resulting in a market value loss of over 16 trillion yen (approximately 726.06 billion RMB) [3]. - The company is facing a global AI asset sell-off, exacerbated by fears of increased competition for OpenAI following Alphabet's launch of Gemini 3.0 [3]. Group 2: Financial Performance and Investments - Despite the stock decline, SoftBank recorded a surprising net profit of 2.5 trillion yen (approximately 113.45 billion RMB) in Q2 of FY2024, aided by a 14.6 billion USD paper gain from its exposure to OpenAI [5]. - SoftBank has a payment obligation of up to 22.5 billion USD due in December, part of a total commitment of 32 billion USD to OpenAI [6]. Group 3: Strategic Moves and Industry Positioning - SoftBank aims to position itself as a core player in the AI ecosystem, believing that OpenAI will lead this space, and has sold shares in Nvidia and Oracle to fund investments in AI chip design companies [6]. - The company holds nearly 90% of Arm, which supports a wide range of modern technology products, and has acquired Ampere Computing, a key customer of Arm [6]. Group 4: Market Dynamics and Competitive Landscape - Analysts express skepticism about SoftBank's aggressive entry into chip manufacturing, highlighting the rising penetration of RISC-V architecture in AI chip design, which poses a competitive threat to Arm [7]. - Meta's plan to use Google's Gemini AI chips raises concerns for Nvidia's business outlook, impacting suppliers like Ibiden Co., while Toppan Holdings Inc. saw an 11% stock increase due to expected benefits from collaboration with Google [7]. - The era of indiscriminate buying of AI concept stocks is ending, with future market selection criteria expected to become more stringent [7].

大成中证360互联网+指数A（002236）基金经理为夏高。 11月26日，盛景微跌5.01%，截至发稿，报39.42元/股，成交3.63亿元，换手率13.79%，总市值39.68亿 元。 资料显示，无锡盛景微电子股份有限公司位于江苏省无锡市新吴区景贤路6号中国物联网国际创新园 H7，成立日期2016年4月8日，上市日期2024年1月24日，公司主营业务涉及公司是一家具备高性能、超 低功耗芯片设计能力的电子器件提供商。主营业务收入构成为：电子控制模块80.16%，放大器7.24%， 其他5.03%，其他(补充)3.91%，起爆控制器3.66%。 从盛景微十大流通股东角度 数据显示，大成基金旗下1只基金位居盛景微十大流通股东。大成中证360互联网+指数A（002236）三 季度减持1.22万股，持有股数40.55万股，占流通股的比例为0.64%。根据测算，今日浮亏损失约84.34万 元。 大成中证360互联网+指数A（002236）成立日期2016年2月3日，最新规模7.88亿。今年以来收益 39.52%，同类排名688/4206；近一年收益40.8%，同类排名613/3986；成立以来收益229.06%。 截 ...

Core Insights - The global energy industry is undergoing a critical transition from digitalization to intelligence, emphasizing the importance of a self-controlled, multi-layered, and highly available computing architecture for national energy security and industrial transformation [1][2] Group 1: Company Overview - Haiguang Information is a leading domestic chip design company showcasing its CPU+DCU full-stack computing system and collaborative innovations with state-owned energy enterprises at the Global Energy Transition Conference [1] - The company has established a comprehensive computing support system covering data centers, regional centers, and edge nodes to assist energy enterprises from core business to on-site applications [1] Group 2: Technological Advancements - Haiguang's DCU features strong parallel computing capabilities and full precision support, effectively supporting the training and inference of large models with hundreds of billions of parameters, addressing the rapid growth in intelligent computing demands within the energy sector [1] - The collaborative computing architecture of CPU+DCU is being utilized to build a new generation of intelligent computing platforms for the energy industry's smart upgrade [1] Group 3: Industry Applications - Haiguang's computing solutions have been widely applied in key sectors such as oil and gas and electricity, with a self-controlled cloud platform based on Haiguang chips recognized for its system stability and security [2] - In the oil and gas sector, the CPU+DCU architecture supports AI scenarios in exploration and refining, while the "Three Clouds" platform based on Haiguang chips significantly enhances energy efficiency [2] - In the electricity sector, Haiguang's computing capabilities support intelligent inspections and load forecasting, improving real-time perception and scheduling levels for multiple state-owned enterprises [2] Group 4: Future Directions - Haiguang aims to continue deep collaboration with the energy industry to create a safe, efficient, and green intelligent energy computing foundation, contributing to the construction of a modern energy system [2]

记者丨杨坪 编辑丨包芳鸣 近年来，并购重组市场在政策驱动下持续升温，尤其是"并购六条"出台后，市场活跃度显著提升，企业 通过整合优化产业链的诉求明显增强。 Wind数据显示，自去年"并购六条"发布（2024年9月24日）以来，截至11月24日晚间，A股市场首次披 露的并购重组事件高达5868起，剔除回购、股份划拨、买卖固定资产（房产、土地、厂房等）以及上市 公司出售资产的交易外，以上市公司及其子公司作为竞买方或目标方，购买股权资产的并购交易合计有 2745起。 这些交易中，披露交易价值的合计2195起，交易总价值高达7.49万亿元，无论是交易规模还是数量均较 往年大幅提升。 值得注意的是，在并购重组氛围持续活跃的背景下，市场呈现出两大新趋势：一方面，产业并购虽仍占 主流，但企业更青睐新质生产力标的；另一方面，市场化交易占比持续提升，曾经频繁作为被并购标的 出现的一级市场明星企业，正逐渐成为并购市场中的买方。 市场化交易比例明显提升 梳理来看，今年以来，并购重组市场的非关联交易占比明显提升。 "并购六条"发布以来的2745起上市公司股权交易中，关联交易仅753起，非关联交易则为1992起，占比 超过七成。不过， ...

透视A股并购新局 市场化交易占比提升，并购"卖方"变"买方" 近年来，并购重组市场在政策驱动下持续升温，尤其是"并购六条"出台后，市场活跃度显著提升，企业 通过整合优化产业链的诉求明显增强。 Wind数据显示，自"并购六条"发布(2024年9月24日)以来，截至2025年11月24日晚间，A股市场首次披露 的并购重组事件高达5868起，剔除回购、股份划拨、买卖固定资产(房产、土地、厂房等)以及上市公司 出售资产的交易外，以上市公司及其子公司作为竞买方或目标方，购买股权资产的并购交易合计有2745 起。 这些交易中，披露交易价值的合计2195起，交易总价值高达7.49万亿元，无论是交易规模还是数量均较 往年大幅提升。 值得注意的是，在并购重组氛围持续活跃的背景下，市场呈现出两大新趋势：一方面，产业并购虽仍占 主流，但企业更青睐新质生产力标的；另一方面，市场化交易占比持续提升，曾经频繁作为被并购标的 出现的一级市场明星企业，正逐渐成为并购市场中的买方。 市场化交易比例明显提升 梳理来看，今年以来，并购重组市场的非关联交易占比明显提升。 "并购六条"发布以来的2745起上市公司股权交易中，关联交易仅753起，非关联 ...

Core Insights - The M&A market has been significantly boosted by policy initiatives, particularly the introduction of the "Six M&A Guidelines," leading to a notable increase in activity and a strong demand for industry consolidation [1][2] - As of November 24, 2024, there have been 5,868 disclosed M&A events in the A-share market, with 2,745 transactions involving equity purchases by listed companies or their subsidiaries, totaling a transaction value of 7.49 trillion yuan [1][2] - A shift is observed where non-related transactions have increased, accounting for over 70% of the total equity transactions since the "Six M&A Guidelines" were released [2] Group 1: M&A Market Trends - The number of non-related transactions has risen significantly, with 1,992 out of 2,745 equity transactions being non-related, marking a substantial increase compared to previous years [2] - In terms of major restructuring transactions, there were 208 disclosed since September 24, 2023, with 137 being related and 71 non-related, indicating a growing trend towards non-related deals [2] - The termination rate for non-related transactions is higher than that for related transactions, with 24% of non-related major restructurings failing this year compared to 19% for related ones [3] Group 2: Challenges in Market Transactions - Market-driven transactions are generally more complex, with a high termination rate observed in non-related major restructurings, highlighting the difficulties in negotiations and agreement on core terms [3][5] - Notable examples include the failed acquisition attempts by companies like Yingjixin and Mengtian Home, which faced challenges in reaching consensus on key transaction terms [3][5] - The trend of IPO candidates or star companies transitioning from seeking independent listings to pursuing acquisitions of smaller listed companies is becoming more prevalent [6][8] Group 3: Valuation Discrepancies - There exists a significant valuation gap between assets in the M&A market and those in the IPO market, complicating negotiations and increasing the difficulty of reaching agreements [8] - Many small-cap companies are facing operational challenges and may become "zombie" companies, which could lead to their acquisition by higher-quality firms from the primary market, thus revitalizing their growth potential [8]

【手游 ETF网格策略 ETF网格策略重点关注标的 (1) 恒生创新药ETF (520500.SH) 国内政策制度对创新药发展的支持力度空前， 如构建"双目录"多层次支付体系，直接疏通创新 药从实验室到临床支付的"最后一公里";如完善 "双通道"管理机制，显著提升创新药的商业化和 可及性;如积极助力搭建全球交易平台,并为创新 药海外上市探索价格保密机制，助力我国创新药走 出中国，走向世界。在多层次政策利好下，我国医 药行业经历了从"仿制"到"创新"，从"跟跑" 到"并跑"甚至部分"领跑"的长足发展。据 Citeline旗下Pharmaprojects团队所撰写的《2025 年医药研发年度回顾白皮书》数据显示，截至2025 年1月，我国在研管线7041个，全球占比29.5%， 稳居全球第二,在研管线数量同比增长15.1%，增 速远超全球平均水平。据央视网数据,2025年上半 年我国创新药对外授权（License-out）总金额突破 660亿美元,超过2024年全年519亿美元的交易总 额,其中多笔交易金额超过10亿美元,展现出我国 创新药实力的显著提升和全球化进程的提速。该 ETF跟踪的是恒生创新药指数。该指数 ...