以下文章来源于IC Research ，作者CINNO IC Research . IC Research是CINNO旗下专注半导体产业研究子品牌。基于多年深度观察与数据积累，提供专业的产业咨询与定制报告，为企业未来发展规划、战略布 局、投资并购、IPO咨询等提供全方位服务，陪伴企业成长的全周期。 截 至 4 / 2 7 号 中 美 关 税 最 新 进 展 情 况 ， 来 源 ： 公 开 资 料 整 理 | 豁免产品 | 豁免产品综合税率 | | --- | --- | | 晶片/SMT原件/Semiconductor device | 70% | | 路由器/交换机 | 45% | | 伺服器 | 45% | | 平板电脑主板 | 45% | | 微型电脑主板/笔记本电脑主板/微型电脑一体机主板 | 45% | | 微型电脑主机 | 45% | | 其他网通产品 | 27.5% | | 智能手表 | 27.5% | | 微型电脑一体机 | 27.5% | | 键盘 | 20% | | 平板电脑/笔记本电脑 | 20% | | 智能手机 | 20% | 部 分 对 华 豁 免 产 品 及综 合 税 率 清单 ...

Group 1 - The core point of the article is the acquisition of Sichuan Yichong Technology Co., Ltd. by Jingfeng Mingyuan for 3.283 billion yuan, highlighting the active M&A market in Chengdu [1][7] - Yichong Technology is considered a "potential unicorn" and has completed 15 rounds of financing totaling hundreds of millions of dollars since its establishment in 2016 [4][1] - Jingfeng Mingyuan is a leading company in power management and control driver chips, and the acquisition is expected to enhance product offerings and market competitiveness [4][1] Group 2 - The acquisition involves purchasing shares from 50 shareholders, many of whom are controlled by Yichong's founder, Pan Siming [4][1] - Other recent M&A activities in Chengdu include the acquisition of New Trend Media by Focus Media for 8.3 billion yuan and various other transactions involving local companies [8][9] - The ongoing supportive policies for industrial mergers and acquisitions are expected to lead to an increase in such activities in Chengdu [9]

证券研究报告 芯原股份 (688521 CH) Q1 定制业务持续高增 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 半导体 | 公司公布 2024 年报与 2025 年一季报：公司 2024 年全年实现营收 23.22 亿元，同比下降 0.69%，归母净利润亏损 6.01 亿元。1Q25 公司实现营收 3.90 亿元，同比增长 22.49%，环比下降 42.01%，归母净利润-2.20 亿元， 主因季节性因素有所波动。1Q25 毛利率 39.06%，同环比分别提升 -6.64/5.72pct。毛利率同环比变化主因产品结构变化，芯片定制业务占比同 比有所上升，环比有所下降。净利润亏损主因研发费用维持高位，1Q25 研 发费率 77.12%，研发费用同增 4.53%。我们看好公司在 AIGC、Chiplet 领 域的前瞻投入和技术优势，中长期业绩有望持续增长，维持"买入"评级。 1Q25 回顾：定制业务非设计厂占比维持高位，看好 AI 驱动 IP 营收增长 1Q25 芯片定制业务实现营收 2.7 亿元，同增 ...

Core Viewpoint - Wuxi East Heavy Machinery Co., Ltd. announced that its subsidiaries, Wuxi East Photovoltaic Technology Co., Ltd. and East Photovoltaic Technology (Xuzhou) Co., Ltd., have been accepted for reorganization by the courts due to their inability to repay debts, with the aim of restoring normal operations and improving debt repayment capabilities [2][4][10]. Group 1: Reorganization Details - The reorganization applications for Wuxi East Photovoltaic and Xuzhou Photovoltaic were filed by creditor Zhejiang Kaiying New Materials Co., Ltd. due to the subsidiaries' inability to repay due debts [2][4]. - The courts have accepted the reorganization applications, indicating that both subsidiaries have potential for recovery and can better repay debts through this process [10][11]. - The reorganization process aims to optimize the debt structure of the subsidiaries and mitigate risks while protecting the rights of small investors [3][11]. Group 2: Financial Impact - In 2024, the photovoltaic business generated revenue of 295.5744 million yuan, accounting for 24.96% of the company's total revenue [3][28]. - The company has provided financial support of 380 million yuan to Xuzhou Photovoltaic and 27 million yuan to Wuxi Photovoltaic, making it a significant creditor [12][11]. - The reorganization may impact the company's ability to recover financial support provided to the subsidiaries [12][11]. Group 3: Subsidiary Information - Wuxi East Photovoltaic was established on April 17, 2023, with a registered capital of 200 million yuan, while Xuzhou Photovoltaic was established on April 19, 2023, with a registered capital of 500 million yuan [7][9]. - Wuxi East Photovoltaic reported total assets of 184.7102 million yuan and a net loss of 1.2976 million yuan for the year ending December 31, 2024 [7]. - Xuzhou Photovoltaic reported total assets of 702.4191 million yuan, total liabilities of 800.0794 million yuan, and a net loss of 183.7302 million yuan for the same period [9]. Group 4: Legal Proceedings - The courts have recognized the jurisdiction over the reorganization cases based on the location of the subsidiaries and the established debts owed to the creditor [10][11]. - The reorganization is distinct from bankruptcy liquidation, focusing on saving the companies and restoring their profitability [11][10]. - The company will cooperate with the courts and management to explore feasible reorganization strategies, including potential investments from industry players [11][12].

Core Insights - The summit focused on new career opportunities and transformation paths in the context of AI, low-altitude economy, and green energy, emphasizing the importance of aligning personal growth with industry trends [1][22] Group 1: Regional Industry Advantages - Chengdu has established a differentiated advantage in sectors like chip design (annual scale exceeding 30 billion), AI algorithms (25% of high-paying positions), and medical technology (AI imaging penetration rate of 35%), positioning itself as a hub for technological innovation in Western China [5] - Leading companies in Chengdu's chip sector, such as Huawei HiSilicon and Zhenxin Technology, offer annual salaries ranging from 350,000 to 1.2 million [5] Group 2: Salary Structure Insights - In comparison to Beijing's "olive-shaped" salary distribution, Chengdu exhibits a "pyramid-shaped" structure where 70% of workers are in entry-level positions (8,000-15,000), while only 12% occupy high-paying roles, indicating a need for career advancement through industry positioning and skill enhancement [5] Group 3: Wealth Accumulation Pathways - The summit introduced a five-stage wealth accumulation theory, highlighting the significance of the "golden career period" (ages 29-35) and advocating for diversified asset allocation in high-growth industries, citing examples like Shenzhen's housing prices increasing tenfold in eight years and Huawei's stock compounding growth [5] Group 4: AI and Career Development - The discussion on AI's impact on career paths outlined three stages of AI technology penetration: infrastructure layer (e.g., OpenAI), application tools layer (e.g., Manus AI), and industry transformation layer (e.g., AI-driven supply chain optimization in Chengdu's tea industry) [9][10] - Strategies for career transition included deepening industry chain engagement, empowering traditional industries with AI, and the rise of "super individuals" leveraging AI for creative endeavors [12] Group 5: Enhancing Workplace Competitiveness - The "constant-variable" career evolution model was proposed, emphasizing the identification of personal strengths through assessments and the need for career choices to align with individual values [14] - The summit highlighted that AI serves as an amplifier rather than a replacement, urging professionals to focus on unique human skills that AI cannot replicate, such as empathy and critical thinking [16] Group 6: AI in Job Seeking - Practical applications of AI in job seeking were discussed, including building a career knowledge base, optimizing resumes using AI tools, and managing professional image through social media [18][20] - The summit concluded with a call for individuals to integrate their strengths with market demands to achieve exponential career growth, positioning 2025 as a new starting point rather than an endpoint [22]

2023 年 5 月台北电脑展，英伟达创始人兼 CEO 黄仁勋在结束了自家产品发布和演讲后匆匆离席。再 次出现时，黄仁勋已经来到联发科展台，握住了多年老友、联发科 CEO 蔡力行的手。 借此，英伟达、联发科两大芯片设计巨头宣布联手， " 发达联盟 " 就此成型，面向风起云涌又前景无 限的智能汽车，打造开发全新汽车芯片。 两年后， " 发达联盟 " 在上海车展发力。 4 月 23 日，联发科发布了基于双方最顶尖技术打造的天玑 汽车旗舰座舱平台 C-X1 。 绝大多数消费者乃至汽车行业人士，并不清楚这枚旗舰级座舱芯片背后的产业故事，但它的的确确串联 起了智能汽车芯片的过去和未来。 顶峰再聚首 虽然英伟达与联发科如今打得火热，但时间倒退十余年，双方其实是在移动 SoC 上相互竞争的对手。 那时联发科作为第一批国产智能手机的核心供应商，其 "Turn-key" 方案大放异彩，在 " 中华酷联 " 的崛起中占得先机。而英伟达从显卡转战而来，为了推介自家手机芯片，黄仁勋曾为小米 3 发布会站 台，高喊 " 我也是米粉 " 。 2014 年，两家公司短暂相交的命运线慢慢错开，并在漫长的坚持与等待中，分别找到了自己新的成长 ...

Core Insights - The company, Lanke Technology, reported strong financial performance for Q1 2025, achieving a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% [2] - The sales revenue from interconnect chips reached 1.139 billion yuan, reflecting a growth of 63.92% year-on-year, with multiple operational metrics hitting historical highs [2] - The gross margin for interconnect chips increased to 64.50%, up 3.57 percentage points year-on-year, indicating high business quality [2] Financial Performance - The company achieved a net profit of 602 million yuan when excluding the impact of share-based payments, resulting in a net profit margin approaching 50% [2] - The interconnect chip sales revenue and net profit have shown consistent quarter-on-quarter growth for eight consecutive quarters, demonstrating resilience in the company's development [2] - As of April 22, 2025, the company has over 1.29 billion yuan in hand orders for interconnect chips expected to be delivered in Q2 2025, with new orders continuing to flow in [2] Product Development - The company successfully passed the CXL2.0 compliance test for its CXLMXC chip and is now listed among the first batch of CXL2.0 compliant suppliers [3] - New products such as PCIe6.x/CXL3.x Retimer chips and second-generation MRCD/MDB sets have been developed, expanding the product matrix [3] - The sales revenue for three high-performance interconnect chips reached 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3] Strategic Focus - The company has set long-term strategic goals for the next five to ten years, aiming to become a leading global designer of all-interconnect chips, focusing on the interconnect chip sector [4] - Plans include advancing DDR memory interface product iterations, enhancing core technology R&D in PCIe/CXL interconnects, and exploring Ethernet and optical interconnect fields [4] - The company will actively seek investment and acquisition opportunities to align business expansion with strategic goals [4] Market Outlook - Analysts believe that as computing power increases, the demand for interconnect chips will grow, making the interconnect chip market a promising blue ocean [5] - The interconnect demand within AI systems, including between chips, server chassis, clusters, and data centers, highlights the potential for significant market growth [5] - With strong technical capabilities and industry experience, the company is well-positioned to capitalize on opportunities in this emerging market [5]

业内期盼的"英伟达平替"，价值开始显现了！ 4月18日晚，国内领先的AI芯片设计企业寒武纪发布2024年报和2025年一季报。年报显示，2024年公司实现总营收11.74亿元，同比增长65.56%；归母净利 润亏损4.52亿元，其中第四季度盈利首次转正。今年一季报更是惊人，公司实现总营收11.11亿元，几乎相当于2024年全年的收入，同比增长4230.22%；实 现净利润3.55亿元，同比扭亏为盈。 分析人士认为，寒武纪业绩的增长表明，国内人工智能芯片已经崛起。在英伟达部分芯片遭禁的背景之下，寒武纪的平替价值正在显现。去年四季度和今年 一季度，寒武纪存货余额分别为17.74亿元和27.55亿元，分别环比增加7.6亿元和9.8亿元，存货余额持续创历史新高。而从最近两个季度存货转收入的趋势 来看，的确也在持续增长。显示在英伟达芯片受限背景之下，寒武纪备货充足，主力芯片出货可能持续增加。 惊人的业绩 日前，寒武纪公布了去年年报和今年一季报，其业绩表现的确惊人。该公司2024年公司实现总营业收入11.74亿元，同比增长65.56%。其中，云端产品线收 入占比高达99.30%，较上年同期增长1187.78%； 今年 一 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688620 证券简称：安凯微 公告编号：2025-022 广州安凯微电子股份有限公司 关于参加2024年度科创板芯片设计环节行业集体 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年04月17日（星期四）15:00-17:00 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2024年度的经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025年04月17日（星期四）15:00-17:00 （二）会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） （三）会议召开方式：网络文字互动 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资 ...

重要内容提示： ● 投资者可于2025年4月10日（星期四）至2025年4月16日（星期三）16:00前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱info@chipsea.com进行提问。公司将在业绩说明会上对投资者 普遍关注的问题进行回答。 芯海科技（深圳）股份有限公司（以下简称"公司"）已于2025年3月29日发布公司2024年度报告，为便 于广大投资者更全面深入地了解公司2024年度经营成果、财务状况和公司发展理念等情况，公司计划于 2025年4月17日下午15:00-17:00参加2024年度科创板芯片设计环节行业集体业绩说明会，投资者可登录 上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）参与线上互动交流。 一、说明会类型 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688595 证券简称：芯海科技 公告编号：2025-017 债券代码：118015 债券简称：芯海转债 芯海科技（深圳）股份有限公司 关于参加2024年度科创板芯片设计环节行业集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 ...