禾盛新材（002290.SZ）动态点评 ➢ 投资建议：预计公司 25-27 年分别实现收入 30/33/36 亿元，实现归母利润 2.1/2.8/3.3 亿元，对应 2025 年 06 月 12 日收盘价 P/E 分别为 41/30/26x。考 虑禾盛新材通过多年的精细化运营，同时子公司海曦技术有望受益于国产 AI 大 模型，我们认为公司主业在行业政策支持下有望稳步增长，子公司海曦技术在人 工智能、云计算、5G 等产业趋势下，相关订单有望加速落地。看好公司业务前 景，维持"推荐"评级。 ➢ 熠知电子聚焦高端计算芯片。熠知电子的主营业务是研发、设计和销售应用 于服务器、工作站等计算、存储设备中的高端处理器，同时为客户提供丰富的芯 片产品解决方案。熠知电子专注于高端处理器的研发、设计与技术创新，掌握了 高端处理器设计、高端处理器 SOC 架构设计、处理器安全、处理器验证、高主 频与低功耗处理器实现、先进工艺物理设计、先进封装设计、基础软件等关键技 术。熠知电子建立了完善的高端处理器的研发环境和流程，产品性能逐代提升， 功能不断丰富，目前针对不同的应用场景已经推出了两大系列产品，即包括一代 TF16000 系列融合 ...

Group 1 - The core viewpoint of the news is that Zhejiang Liji Storage Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC (Hong Kong) as the sole sponsor [1] - Liji Storage was established in 2020, focusing on the potential of DRAM, and has a history of investment from Longxin Zhongke [1] - The company has undergone multiple rounds of capital increases and share transfers, with a valuation of 1.235 billion yuan in March 2025 [1] Group 2 - Liji Storage is a memory chip design company and AI computing solution provider, with a complete product line from SDR to DDR4, focusing on the niche DRAM market [2] - The company reported revenues of 610 million yuan, 580 million yuan, and 646 million yuan for 2022-2024, with losses of 139 million yuan, 244 million yuan, and 109 million yuan respectively [2] - The gross profit margins for the same period were -2.1%, 3.7%, and 9.3%, indicating a gradual improvement in profitability [2] Group 3 - The memory chip market is highly competitive and increasingly so, which poses risks to the company's business and future prospects [3] - The market is characterized by cyclicality and periods of declining average selling prices, which could adversely affect the company's financial condition [3] - The company has recorded net cash outflows from operating activities of 176 million yuan, 63 million yuan, and 18 million yuan for 2022, 2023, and 2024 respectively, indicating significant financial pressure [3]

June 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第一季因国际形势变化促使终端电子产品备货提前启动， 以及全球各地兴建AI数据中心，半导体芯片需求优于以往淡季水平，助力IC设计产业表现。 第一季 前十大无晶圆IC设计业者营收合计季增约6%，达774亿美元，续创新高。 | Ranking | Company | Top 10 Fabless Revenue | | | Revenue Performance | Top 10 Revenue Share | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4Q24 | 1Q25 | QoQ | YoY | 4Q24 | 1Q25 | | 1 | 英伟达 (NVIDIA) | 37,798 | 42,369 | 12% | 72% | 52% | 55% | | 2 | 高通 (Qualcomm) | 10,084 | 9,469 | -6% | 18% | 14% | 12% | | 3 | 博通 (Broadcom) | 8,218 | 8,343 | ...

June 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第一季因国际形势变化促使终端电子产品备货提前启动， 以及全球各地兴建AI数据中心，半导体芯片需求优于以往淡季水平，助力IC设计产业表现。 第一季 前十大无晶圆IC设计业者营收合计季增约6%，达774亿美元，续创新高。 在AI数据中心领域， NVIDIA（英伟达） 主要受惠于Blackwell新平台逐步放量，2025年一至三月营 收突破423亿美元，季增12%，年增达72%，维持营收第一。尽管其H20发展受限，将导致该公司于第 二季认列亏损，然单价较高的Blackwell将逐季取代Hopper平台，有助降低财务冲击。 联咏 第一季得益于中国大陆的消费补贴政策，以及部分客户因关税提前拉货，营收成长至8.2亿美元 以上，季增6%。 豪威集团(韦尔股份) 因第一季适逢智能手机淡季，营收季减2%，为7.3亿美元。但该公司在图像传感 器和汽车电子领域进展显著，主要因为本土电动车品牌增加使用摄影镜头支持智能驾驶系统，利好其 车用CIS业务。 芯源系统 第一季受惠于AI数据中心带来庞大电源控制器需求，其运算与存储部门业务大幅增长，整 体 ...

Core Viewpoint - The Chinese government is committed to advancing comprehensive reform and innovation in Shenzhen, focusing on enhancing collaboration between industry, academia, and research institutions [1] Group 1: Support for Innovation and Reform - The Guangdong provincial government is fully supporting Shenzhen in establishing a comprehensive innovation system and mechanism [1] - Emphasis is placed on optimizing the collaborative model for tackling key core technologies and improving the mechanism for the transformation of scientific and technological achievements [1] - The government aims to reform educational methods, school management models, and support mechanisms in Shenzhen [1] Group 2: Specific Reform Measures - Specific reform tasks have been outlined at the provincial level, with clear points and implementation measures [1] - In the reform of the collaborative model for tackling key core technologies, the focus will be on improving the operational system of national laboratories and leveraging leading technology enterprises as "problem solvers" [1] - A provincial and municipal shared support mechanism for national laboratories in Guangdong will be established, along with innovative selection mechanisms for major scientific projects [1]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 12 年 月 日 兆易创新（603986.SH） 存储龙头多元布局，深度受益 AI+国产替代 布局存储+MCU+传感器，产品出货量创出新高。兆易创新产品主要覆盖 存储、MCU、传感器三大领域，其中 2024 年存储收入占比 70%以上，公 司在 NOR Flash 领域全球市占率第二，SLC NAND 也逐步占据一定份额， DRAM 业务随着三大原厂逐步退出+端侧定制化方案的顺利推进有望实现 较大增长。2024 年公司产品出货量达到 43.62 亿颗，同比增长 39.72%， 创出历史新高，因行业下游市场需求有所回暖，客户增加备货，公司产品 在消费、网通、计算等多个领域均实现收入和销量大幅增长。公司实现营 业收入 73.56 亿元，同比增长 27.69%；公司归母净利润回升至 11.03 亿 元，同比增加 584.21%。 利基存储格局优化，端侧 AI 推动定制化需求增长。半导体存储主要有 DRAM/NAND/Nor Flash 等，2023 年分别占比 54%/41%/2.5%，2024 年 全年 DRAM 和 NAND Flash ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 12 年 月 日 兆易创新（603986.SH） 存储龙头多元布局，深度受益 AI+国产替代 布局存储+MCU+传感器，产品出货量创出新高。兆易创新产品主要覆盖 存储、MCU、传感器三大领域，其中 2024 年存储收入占比 70%以上，公 司在 NOR Flash 领域全球市占率第二，SLC NAND 也逐步占据一定份额， DRAM 业务随着三大原厂逐步退出+端侧定制化方案的顺利推进有望实现 较大增长。2024 年公司产品出货量达到 43.62 亿颗，同比增长 39.72%， 创出历史新高，因行业下游市场需求有所回暖，客户增加备货，公司产品 在消费、网通、计算等多个领域均实现收入和销量大幅增长。公司实现营 业收入 73.56 亿元，同比增长 27.69%；公司归母净利润回升至 11.03 亿 元，同比增加 584.21%。 利基存储格局优化，端侧 AI 推动定制化需求增长。半导体存储主要有 DRAM/NAND/Nor Flash 等，2023 年分别占比 54%/41%/2.5%，2024 年 全年 DRAM 和 NAND Flash ...

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. (Huada Beidou) plans to issue H-shares and list on the Hong Kong Stock Exchange, positioning itself as a leading provider of space positioning services in China, empowered by the BeiDou satellite navigation system [1] Group 1: Company Overview - Huada Beidou is a domestic leader in navigation positioning chip design, offering GNSS chips and modules that support BeiDou and major global GNSS systems [1] - The company has significant advantages in dual-frequency high-precision positioning technology, low power consumption, and highly integrated SoC design technology [1] Group 2: Market Position and Performance - In 2024, Huada Beidou's GNSS chip and module shipments reached 16.1 million units, ranking sixth globally and second among domestic companies, with a global market share of 4.8% [1] - In the dual-frequency high-precision RF baseband integrated GNSS chip and module sector, Huada Beidou ranks fourth globally and first among domestic companies, with a market share of 10.5% [1] Group 3: Financial Performance - Revenue decreased slightly from RMB 698.0 million in 2022 to RMB 645.1 million in 2023, but is projected to increase significantly to RMB 840.3 million in 2024, achieving a three-year compound annual growth rate (CAGR) of 9.7% [2] - The sales volume of GNSS chips and modules showed a remarkable upward trend, growing from 5.4 million units in 2022 to 16.1 million units in 2024, with a CAGR of 72.4% [2] - Standard precision chip and module sales increased from 3.4 million units in 2022 to 10.9 million units in 2024, with a CAGR of 78.2%, while high-precision chip and module sales rose from 2.0 million units to 5.1 million units, with a CAGR of 61.7% [2] Group 4: Product and Technology Innovation - Huada Beidou offers a comprehensive product matrix covering approximately 60 types of navigation, positioning, and monitoring products, applicable in various fields such as shared bicycles, smart driving, smartphones, and IoT [3] - The company focuses on two main business segments: GNSS chips, modules, and related solutions, and integrated chips and modules, which complement each other to meet diverse customer needs [3] - Continuous R&D investment has led to breakthroughs in GNSS technology, including integrated SoC design, dual-frequency high-precision positioning technology, and ultra-low power solutions [4] Group 5: Future Development Strategy - Huada Beidou's future strategy focuses on five key directions: integrating navigation and communication technologies, expanding downstream application scenarios, upgrading integrated GNSS chip products, exploring international markets, and seeking quality acquisition targets for vertical integration [5] - The company anticipates strong performance growth driven by the expanding application of the BeiDou system and the increasing demand for high-precision navigation and positioning [5]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容编译自arxiv。 处理器芯片设计技术是推动计算机科学及相关领域突破的关键前沿技术。随着信息技术的快速发展， 传统的设计范式面临三大挑战：制造技术的物理约束、日益增长的设计资源需求以及生态系统的日益 多样化。自动化处理器芯片设计已成为应对这些挑战的变革性解决方案。尽管人工智能（AI）领域的 最新突破，尤其是大型语言模型（LLM）技术，为完全自动化的处理器芯片设计开辟了新的可能 性，但为处理器芯片设计建立特定领域的LLM仍然存在巨大的挑战。 本文提出了一种全新的处理器芯片软硬件全自动设计系统——QiMeng。QiMeng 包含三个层次。在 底 层 ， 我 们 构 建 了 一 个 面 向 特 定 领 域 的 大 型 处 理 器 芯 片 模 型 (LPCM ： Large Processor Chip Model)，在架构、训练和推理方面引入了新颖的设计，以应对知识表示缺口、数据稀缺、正确性保 证以及巨大的解空间等关键挑战。 在中间层，我们利用 LPCM 的知识表示和推理能力，开发了硬件设计代理和软件设计代理，以实现 处理器芯片软硬件设计的自动化。目前，Qi ...

在商务服务方面，强调要大力发展仲裁、法律、会计、会展、广告等业态，明确到2027年，规模以上商 务服务企业达到200家、营业收入达65亿元；国际仲裁服务实现涉案标的200亿元；培养50名左右省级以 上涉外律师人才；建成50名律师以上的律师所5家；在金融服务方面，强调要聚焦做好科技金融、绿色 金融、普惠金融、养老金融、数字金融"五篇大文章"；在人力资源服务方面，强调要培育壮大市场主 体，支持江门人才发展集团打造全市人力资源工作整体解决方案"总服务商"，推动人力资源机构与互联 网、教育、医疗、养老、家政服务等行业跨界合作等，并明确力争到2027年，规模以上人力资源服务机 构达50家、营业收入达25亿元；在现代物流服务方面，强调要加快一批物流园区和物流中心建设，加快 推进江门国家骨干冷链物流基地建设，培育一批快递业与制造业融合发展项目等，并明确到2027年，交 通运输、仓储和邮政业实现增加值超160亿元、规模以上企业达95家，重型货车电动化比率达7%。 《行动方案》强调要全力推进创新平台建设，加强与高校院所对接合作，加快备案和建设一批概念验证 中心、中试平台和农技服务平台，推动进行科技成果与知识产权交易等，并明确到 ...