就在本月，摩尔线程、沐曦股份先后在科创板IPO上市，在上市后，市值迅速暴涨6-7倍，甚至一度将A股的投资热情带到了一个新高度。 与此同时，同为"国产GPU四小龙"的燧原科技早在2004年就启动了科创板上市进程，另一位玩家壁仞科技也在近日向港交所提交了IPO申请、拟于2026年1 月2日在港股上市。 与此同时，诸如天数智芯、昆仑芯等更多国产AI芯片企业，也已经开启IPO征程…… 这让巴克莱银行亚太区执行主管Matt Toms也不禁感慨："如果到2026年或2027年，中国生产出低成本、有竞争力的芯片，就像当年的DeepSeek那样，我一 点也不会感到惊讶，而这将对英伟达及其供应链造成颠覆性影响。" 这就不得不让我们，在这新年旧日更替之际，重新审视以国产GPU四小龙为代表的，中国AI芯片的关键时刻。 01 学习大厂，颠覆大厂 由于国产大模型热情依旧、生成式AI已成确定性趋势，以及众所周知的原因，2025年的国产AI芯片迎来了高光时刻。 来自咨询公司Challenger, Gray&Christmas的数据显示，2025年美国因人工智能导致的裁员人数已接近5.5万人。 时至今日，生成式AI成为时代趋势，已经不容置疑 ...

Core Insights - The Singapore market presents opportunities in the small-cap sector, particularly in AI, semiconductor demand, and green electrification [1] - Focus on companies with strong balance sheets and strategic partnerships to uncover potential growth [1] Company Summaries Micro-Mechanics (Holdings) Ltd - Reported a 2.9% YoY revenue increase to S$16.7 million for 1QFY2026, driven by a 7.9% growth in the consumable tools segment [3] - Maintained a net profit margin of 18.9% despite challenges in the wafer fabrication equipment segment [4] - Generated free cash flow of S$3.8 million and holds zero debt with S$27.2 million in cash [4] - Management is optimistic with industry forecasts predicting a 26.3% surge in 2026 [4] Digital Core REIT - Owns 11 data centres with US$1.7 billion in assets under management as of December 2024 [6] - Achieved an 83.9% YoY increase in gross revenue to US$132.4 million for 9M2025 [6] - Net property income rose 49.6% to US$67.7 million, despite higher finance costs limiting distributable income growth to 1.9% [7] - Trading at a 39% discount to net asset value, indicating potential value [7] - Maintains a conservative leverage of 38.5% with room for expansion [8] CSE Global - Reported an 8.7% revenue increase to S$698.6 million for 9M 2025, driven by a 12.4% rise in the Electrification segment [10] - Strategic partnership with Amazon allows for the acquisition of over 62 million shares, enhancing its role in the data centre sector [11] - Holds an order book of S$467.5 million, positioning the company as a key infrastructure provider [12] Investment Themes - All three companies align with long-term trends in their respective sectors, showcasing resilience and strategic foresight [13] - Micro-Mechanics emphasizes precision and financial discipline, Digital Core REIT offers value in AI infrastructure, and CSE Global focuses on strategic partnerships [13]

招股书显示，此次募集资金将重点用于提升研发能力、优化高性能及超小型PA集成模组性能、高性能 滤波器研发、砷化镓外延结构及SOI工艺的开发等领域，以期突破国际巨头在BAW滤波器、毫米波模组 等领域的技术壁垒。 半导体和集成电路作为数字经济的基础要素，其战略重要性通过支持性政策、优惠税收待遇及定向投资 持续强化，推动产业向高端化、自主化升级。在政策引导与市场需求的双重驱动下，国内射频前端芯片 行业正迎来本土化浪潮。 在产品布局上，作为率先推出完全支持所有 5G 频段的 5G 射频前端解决方案的本土企业，飞骧科技已 构建完整的射频前端解决方案体系，覆盖从5G Sub-6GHz到Wi-Fi 7的前沿通信标准。其中，5G L- PAMiD模组产品在2024年已通过验证并实现量产交付，随着该产品陆续进入多家主流手机品牌旗舰机 型供应链，标志着公司在高集成度模组领域取得突破性进展。 转自：新华财经 据悉，随着募集资金的投入与核心技术的持续突破，飞骧科技有望进一步巩固全球市场地位，推动国内 射频前端产业整体升级，为我国集成电路产业实现科技自立自强、建设现代化产业体系提供坚实支撑， 成为新质生产力引领高质量发展的典范企业。（张 ...

Core Viewpoint - The AI industry is expected to transition from divergence to consensus in performance trends by 2025, with 2026 anticipated to be a significant year for domestic hard technology advancements [2] Group 1: AI Industry Trends - The AI large model's reasoning capabilities are continuously iterating, forming a closed loop with edge applications, while the demand for computing and storage hardware remains high [1] - The electronic industry's downturn since 2021 is showing signs of recovery, with a notable performance boost driven by AI innovations [2] - The global capital expenditure of the eight major cloud service providers (CSPs) is projected to grow by 40% to over $600 billion by 2026, with AI server shipments expected to increase by 20.9% [3] Group 2: Computing and Storage - Domestic chip manufacturers are actively updating their products, with Huawei planning to launch the Ascend 950PR in Q1 2026 and the Atlas 950 SuperPoD in Q4 2026 [4] - The demand for DRAM is expected to increase by 26% year-on-year in 2026, driven by AI needs, while NAND shortages are anticipated to persist, with prices rising over 40% from September to December 2025 [4] Group 3: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a crucial breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to grow at a CAGR of 21.2% from 2024 to 2030 [5] - The power consumption of data center chips is projected to increase significantly, necessitating advancements in power supply architectures towards HVDC solutions [6] Group 4: AI Edge Applications - The evolution of AI from a tool to an autonomous agent capable of understanding user intent is reshaping human-computer interaction, with various consumer electronics expected to integrate these capabilities [7] - Major tech companies are expected to drive market sentiment and investment consensus through continuous exploration and innovation in AI hardware [7] Group 5: Semiconductor Industry - China's semiconductor sales are projected to account for 28% of the global market by 2024, but the domestic supply ratio remains low at 4.5% [8] - The semiconductor sector is experiencing a recovery phase, with significant growth expected in AI data centers and applications like autonomous driving and humanoid robots [8] Group 6: Key Companies to Watch - Companies such as Semiconductor Manufacturing International Corporation, Industrial Fulian, and Cambrian are highlighted as key players in the semiconductor and AI sectors [9]

相关ETF：科创50ETF（588000）。 每日经济新闻 （责任编辑：董萍萍 ） 12月30日，受海外消息影响，A股科技板块表现活跃，AI+方向走强。科创50ETF（588000）收涨 1.13%。盘面上，芯原股份、寒武纪涨超4%，佰维存储上涨3.98%，恒玄科技上涨3.01%，海光信息、 中芯国际等涨超2%。 消息面上，12月30日，Meta正式宣布收购AI智能体公司Manus，收购金额或高达数十亿美元，这是 Meta成立以来第三大收购，花费仅次于WhatsApp和ScaleAI。Manus将继续通过APP和网站为用户提供 产品和订阅服务，同时公司将继续在新加坡运营。 展望后市，银河证券指出，AI算力芯片的战略价值和国产替代紧迫性凸显，高端芯片设计领域关 注度不减。AI持续向终端渗透，AIPC、AI手机等创新产品的渗透为部分设计公司带来增量机遇。在产 业链涨价潮、AI需求持续以及国产替代逻辑强化的共同驱动下，半导体板块走出一轮结构性行情。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计 74.27%，与当前人工智能、机器人等前沿产业的发展方向高度契 ...

天眼查App显示，12月29日，摩尔线程发生工商变更，注册资本由约4亿人民币增至约4.7亿人民币，增 幅约18%，同时发生高管变更。摩尔线程智能科技（北京）股份有限公司成立于2020年6月，法定代表 人为张建中，经营范围包括集成电路设计、集成电路芯片设计及服务、集成电路芯片及产品销售等，由 南京神傲管理咨询合伙企业（有限合伙）、张建中、杭州华傲管理咨询合伙企业（有限合伙）等共同持 股。 ...

（原标题：摩尔线程注册资本增至4.7亿） 企查查APP显示，近日，摩尔线程（688795）发生工商变更，注册资本由4亿元增至4.7亿元。企查查信 息显示，该公司成立于2020年，经营范围包含：集成电路芯片设计及服务；集成电路芯片及产品销售； 集成电路销售；信息系统集成服务等。 ...

《科创板日报》从知情人士处了解到，瀚博半导体拟申报科创板。 股权结构方面，上市辅导备案报告显示，JUN QIAN（钱军）（直接持有并通过KJQ LP间接持有）与 LEI ZHANG（张磊）（通过VASTAI Holding Company 间接持有）以及通过17家员工持股平台合计控制 公司42.1465%的表决权，二人签署了一致行动协议并分别担任公司董事长、董事，为公司共同实际控 制人。公司不存在直接持股30%以上的单独股东主体，无控股股东。 瀚博半导体成立于2018年12月，注册地在上海。公司目前拥有自主研发的核心IP以及两代GPU芯片，提 供适用于通用计算和图形渲染的GPU产品。公司两代芯片现已量产并商业化落地，助力大模型、智算中 心、智慧工业、智慧交通、数字孪生、工业软件、云渲染等应用落地。 瀚博半导体的两位创始人均为AMD出身。其中，公司创始人兼CEO钱军拥有近30年高端芯片设计经 验，曾带领AMD团队设计量产了业界第一颗7纳米图形处理器和第一颗7纳米GPGPU架构的AI芯片；创 始人兼CTO张磊拥有25年以上高端芯片设计经验，曾担任AMD院士，全面负责AMD的AI加速领域和视 频领域的芯片设计研发。 ...

内容概要：高速互连芯片是数据传输的核心部件。随着AI浪潮来袭，尤其是大模型爆发式发展以来， 算力需求爆发，数据中心和服务器对于高速互连的需求呈指数级增长，直接拉动全球高速互连芯片市场 需求迅猛增长。中国高速互连芯片行业正处于快速发展阶段，已经成为全球增速最快的市场之一。2024 年全球高速互连芯片市场规模155亿美元，中国高速互连芯片行业市场规模约38.75亿美元，约占全球 25%；预计2030年，全球高速互连芯片市场规模将达490亿美元，中国高速互连芯片行业市场规模约147 亿美元，约占全球30%。 上市企业：美光科技[MU]、德州仪器[TXN]、澜起科技[688008.SH]、沐曦股份[787802] 相关企业：瑞萨电子、Rambus、上海兆芯集成电路股份有限公司、谱瑞科技、AsteraLabs 三、高速互连芯片行业产业链 二、高速互连芯片行业发展现状 高速互连芯片是数据传输的核心部件。随着AI浪潮来袭，尤其是大模型爆发式发展以来，算力需求爆 发，数据中心和服务器对于高速互连的需求呈指数级增长，直接拉动高速互连芯片市场需求迅猛增长。 2024年全球高速互连芯片市场规模155亿美元，其中，内存互连芯片市场规 ...

Core Viewpoint - Marvell is positioned as an undervalued player in the AI chip market, with significant growth potential despite recent stock performance challenges [2][6]. Group 1: Company Performance - Marvell's stock has declined over 20% year-to-date, contrasting with its impressive revenue and earnings growth [2]. - The company reported a 37% year-over-year revenue growth in Q3 FY26, indicating strong potential for future performance [6]. Group 2: Market Position and Demand - Marvell produces custom AI chips tailored for specific workloads, offering a cost-effective alternative to Nvidia's GPUs [3]. - The company has established partnerships with major tech firms like Amazon, Alphabet, Microsoft, and Meta, providing a stable revenue base that is expected to grow as AI investments increase [4]. Group 3: Margin Improvement Opportunities - Marvell currently has profit margins around 10%, significantly lower than competitors like Broadcom, which reported nearly 50% net profit margin [7]. - There is potential for Marvell to improve its margins to 20% in the coming years, which could substantially increase its market value [7]. Group 4: Strategic Moves - The acquisition of Celestial AI positions Marvell as a leader in AI data center infrastructure, enhancing its market share and profit potential [8]. - Marvell's decision to sell its automotive ethernet business for $2.5 billion allows for reinvestment into AI-focused initiatives, aligning with its long-term strategy [9][10].