Group 1 - Hangzhou Leze recently acquired 4.3119% of Shenzhen Shenlei Technology Co., Ltd. [1] - Hangzhou Leze was established in December 2025 as a professional investment platform focusing on the semiconductor industry chain [1] - The investment in Shenlei Technology is part of Hangzhou Leze's strategy to target high-growth and high-value sectors such as electronic components and chip design [1] Group 2 - Shenlei Technology is controlled by Shenlei Technology Development (Shenzhen) Co., Ltd. and has notable shareholders including Qianhai Mother Fund and Intel [2] - Shenlei Technology's main business involves the distribution of electronic components and integrated circuit application solutions, with subsidiaries including Shenzhen Xinlei Electronics and Shenzhen Qianhai Shenlei Semiconductor [2] - Shenzhen Xinlei Electronics has been recognized as a leading distributor of electronic components in China for nine consecutive years [2] Group 3 - Shenlei Semiconductor focuses on chip design, with products including audio and intelligent audio-video codec chips used by major clients like Lenovo and Samsung [3] - The investment by Hangzhou Leze is expected to enhance resource integration and collaboration, providing strategic benefits to its partners [3] - The partnership aims to break through business growth bottlenecks and explore new profit growth points in the electronic components and semiconductor sectors [3]

人民财讯1月7日电，普冉股份(688766)1月7日披露股票交易异动公告称，公司目前主要业务为非易失性 存储器芯片及基于存储芯片的衍生芯片的设计与销售，目前公司的生产经营正常，经营情况及内外部经 营环境未发生重大变化。公司经营业绩未发生与近期股票涨幅对应的变化，存在相关市场交易变化无对 应盈利能力变化支撑的风险。 ...

问世月余，以香港地标命名的"狮子山芯"热度未减，持续吸引着业界的关注。 "目前市场反应积极，几乎所有的OEM（原始设备制造商）、ODM（原始设计制造商）和云服务提 供商都已与我们建立紧密联系。"芯片设计公司赛昉科技首席执行官徐滔说。 作为全球首款基于RISC-V架构的数据中心管理芯片，"狮子山芯"由香港本地创业家孵化，是颗不 折不扣的"香港芯"。它的诞生标志着香港在芯片自主研发领域取得了重要突破。 从"香港芯"发布，到"深圳—香港—广州"创新集群全球首次登顶，再到河套深港科技创新合作区香 港园区（简称"河套香港园区"）开园……过去一年，香港创科活力进一步迸发，成绩亮眼，稳步积蓄经 济发展新动力。 生态沃土 "香港芯"破茧而出 赋生资本是赛昉科技的创始股东。七年前，赋生资本就看好芯片行业前景，下注RISC-V架构赛 道，在香港播下赛昉科技这颗种子。彼时，赛昉科技是为数不多的专注于RISC-V架构开发的公司。而 今，赛昉科技已成长为该领域软硬件生态的领军企业。 眼光准，起跑早，赛昉科技发展基础条件良好，但芯片研产从来不是一蹴而就的。 "芯片从设计到投产是个极其复杂的系统工程，环节众多，分工极细。"徐滔说，这个过程 ...

新华社香港1月5日电 题：活力涌动 蓄势待发——香港创科生态蓬勃向好 新华社记者郑静霞 问世月余，以香港地标命名的"狮子山芯"热度未减，持续吸引着业界的关注。 "目前市场反应积极，几乎所有的OEM（原始设备制造商）、ODM（原始设计制造商）和云服务提供商 都已与我们建立紧密联系。"芯片设计公司赛昉科技首席执行官徐滔说。 赛昉科技在香港设立创新中心，正是为了最大限度利用香港在科研政策、人才和国际化方面的优势，加 速科技创新和商业应用，陈英龙说。 作为全球首款基于RISC-V架构的数据中心管理芯片，"狮子山芯"由香港本地创业家孵化，是颗不折不 扣的"香港芯"。它的诞生标志着香港在芯片自主研发领域取得了重要突破。 从"香港芯"发布，到"深圳—香港—广州"创新集群全球首次登顶，再到河套深港科技创新合作区香港园 区（简称"河套香港园区"）开园……过去一年，香港创科活力进一步迸发，成绩亮眼，稳步积蓄经济发 展新动力。 生态沃土 "香港芯"破茧而出 赋生资本是赛昉科技的创始股东。七年前，赋生资本就看好芯片行业前景，下注RISC-V架构赛道，在 香港播下赛昉科技这颗种子。彼时，赛昉科技是为数不多的专注于RISC-V架构开发的 ...

2025年的香港交易所，俨然成为全球资本市场的焦点舞台，多股同日敲钟的盛况屡见不鲜，投资人戏谑"港交所的上市锣都快不够用了"。Wind统计数据显 示，截至当年12月25日，港股市场年内新增上市公司达111家，募资总额攀升至2505.61亿元，这两项核心数据较2024年均实现大幅增长。此前德勤、安永曾 预测，2025年港股IPO数量约为80家，募资额区间在1300-1500亿港元，而实际表现远超机构预期，港股也借此重新夺回全球新股市场募资额榜首的宝座。 拆解全年IPO版图，消费板块无疑是资本盛宴中最亮眼的存在。截至11月末，零售与消费行业IPO宗数突破23宗，位居各行业首位，蜜雪集团、沪上阿姨、 八马茶业等一众明星企业相继登陆港股。但狂欢之下，市场分化的裂痕已然显现：头部企业凭借强势竞争力收获资本热捧，而不少第二梯队品牌却陷入"上 市即破发"的尴尬境地，这一现象也折射出资本市场对消费企业的估值正加速回归理性——当资本潮水退去，唯有具备核心竞争力与全球化布局能力的企 业，才能在长期市场博弈中站稳脚跟。对赴港上市的企业而言，这既是突破自身增长瓶颈的集体选择，也意味着要接受更严苛的资本审视。 2025年港股IPO的爆 ...

12月31日，天德钰跌1.17%，成交额6011.90万元。两融数据显示，当日天德钰获融资买入额548.57万 元，融资偿还728.57万元，融资净买入-180.00万元。截至12月31日，天德钰融资融券余额合计2.88亿 元。 融资方面，天德钰当日融资买入548.57万元。当前融资余额2.88亿元，占流通市值的7.47%，融资余额 超过近一年60%分位水平，处于较高位。 截至9月30日，天德钰股东户数1.62万，较上期增加19.11%；人均流通股11225股，较上期减少16.04%。 2025年1月-9月，天德钰实现营业收入16.98亿元，同比增长14.44%；归母净利润1.95亿元，同比增长 1.67%。 分红方面，天德钰A股上市后累计派现5196.62万元。 机构持仓方面，截止2025年9月30日，天德钰十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股611.10万股，相比上期增加236.70万股。南方中证1000ETF（512100）位居第七大流通股 东，持股111.85万股，相比上期增加9616.00股。南方科创板3年定开混合（506000）退出十大流通股东 之列。 责任编辑：小浪快报 ...

12月31日，汇顶科技涨0.57%，成交额3.01亿元。两融数据显示，当日汇顶科技获融资买入额2675.06万 元，融资偿还4316.41万元，融资净买入-1641.36万元。截至12月31日，汇顶科技融资融券余额合计 12.64亿元。 融资方面，汇顶科技当日融资买入2675.06万元。当前融资余额12.52亿元，占流通市值的3.41%，融资 余额低于近一年30%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，汇顶科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1042.97万股，相比上期增加360.49万股。南方中证500ETF（510500）位居第七大流通股 东，持股403.58万股，相比上期减少8.40万股。金鹰科技创新股票A（001167）位居第九大流通股东， 持股249.99万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300）退出十大流通 股东之列。 责任编辑：小浪快报 资料显示，深圳市汇顶科技股份有限公司位于广东省深圳市福田区梅康路1号汇顶科技总部大厦26楼， 成立日期2002年5月31日，上市日期2016年10月17日，公司主营业务涉及驱动 ...

Summary of Semiconductor Industry Conference Call Industry Overview - The global semiconductor market is projected to exceed $700 billion by 2025, with AI chips and automotive electronics being the primary growth drivers [3][5] - China's semiconductor design industry is expected to surpass $118 billion in sales by 2025, reflecting a nearly 30% year-on-year growth [3][5] - By 2025, it is anticipated that there will be 831 Chinese semiconductor companies with sales exceeding $1 million, with the Yangtze River Delta region emerging as a core industrial cluster [3][5] Key Insights - The semiconductor design segment is crucial in the industry, akin to architects in construction, determining core functions and performance metrics of chips [3] - The global chip design market is dominated by U.S. companies, which account for 85% of total revenue, while Chinese firms have made strides in communication, image sensors, and some AI sectors but still lag in high-end CPUs [3][5] - Domestic chip design companies have shown significant vitality, with a compound annual growth rate of nearly 20% from 2006 to 2025 [5] Policy and Support - National policies are critical for the development of the semiconductor industry, with initiatives like the Big Fund addressing long investment cycles and high risks [6][7] - The "East Data West Calculation" project is providing significant market opportunities for domestic GPUs and AI [6][7] Challenges and Bottlenecks - The domestic EDA tools and IP market is experiencing structural bottlenecks, with only about 11.5% of EDA tools being domestically produced, particularly in advanced process designs [8] - High-end IP, such as CPU and GPU cores, still heavily relies on international suppliers like ARM and NVIDIA [8] Fabless Model Advantages - The Fabless model offers advantages such as asset-light operations and a focus on innovation, allowing companies to concentrate resources on chip design and algorithm optimization [9] - The boundaries between design and manufacturing are becoming blurred, necessitating a high degree of integration across the supply chain [9] IPO Trends in GPU Sector - The recent surge in IPOs among domestic GPU companies reflects a combination of explosive demand, technological maturity, and funding needs [10] - Despite many companies currently operating at a loss, achieving revenue scales of $1.5 to $2 billion will enhance profitability through economies of scale [13] Investment Considerations - The core investment logic in the chip design industry revolves around technological, ecological, and scenario barriers [14] - Key financial indicators to monitor include R&D investment, gross margin (ideally above 40%), and revenue growth rates [14] - Risks include potential underperformance in R&D, revenue shortfalls, and customer concentration risks [15] Future Trends and Growth Engines - Over the next 3-5 years, the industry is expected to see increased technological autonomy, diversification of application scenarios, and tighter ecological collaboration across the supply chain [16][17] - Potential growth areas include AI computing chips, automotive electronics, edge computing chips, and advanced packaging technologies [20] Investment Opportunities for Risk-Averse Investors - Risk-averse investors may consider index-based investments, such as the STAR Market chip design index, to diversify risk while capitalizing on industry growth [19] - ETFs that encompass leading companies in the semiconductor sector can provide a balanced approach to investment [19]

近年来，中国证监会在融资端改革持续发力，接续推出"科创十六条""科创板八条"等举措，设立科创板 科创成长层，启用创业板第三套上市标准。江苏证监局在中国证监会和江苏省委、省政府的坚强领导 下，立足江苏产业实际，聚焦"五个服务"，强化政策宣导，加大科技创新企业培育力度，充分发挥资本 市场枢纽功能，有力支持优质企业对接资本市场实现高质量发展。 在顶层制度设计与一线监管服务的共同滋养下，一批江苏企业乘势而上，成为资本市场包容性与吸引力 的生动注脚。2025年，江苏新增境内上市公司29家，占比全国1/4，以资本市场的蓬勃活力，为经济大 省"挑大梁"提供了坚实支撑，助力江苏"在推进中国式现代化中走在前、做示范"。 畅通多元融资渠道，激活科创"一池春水" 近年来，多层次市场体系对科技创新的覆盖面有效拓展，各板块各具特色、错位发展，为处于不同阶段 的科技企业铺设了多元包容的上市路径。 29家首发企业均为科技创新企业，多个"首家""首例"在苏落地，清晰勾勒出资本要素向创新领域密集汇 聚的"江苏路线图谱"，成为包容性制度转化为发展动能的最好证明。 全国首家适用新三板"绿色通道+直联审核"机制的创新层企业，创造了"当天申报、当天受 ...

Core Viewpoint - The article discusses the significant role of Chen Liwu in the rise of China's semiconductor industry, highlighting his achievements and the challenges he faces as CEO of Intel, particularly regarding potential conflicts of interest due to his extensive investment network [4][5][8]. Group 1: Chen Liwu's Background and Achievements - Chen Liwu is a prominent figure in the semiconductor industry, comparable to leaders like Jensen Huang and Lisa Su, having previously led Cadence, a major EDA company, and won the Robert N. Noyce Award in 2022 [4]. - His investment firm, Walden International, has been highly active in the semiconductor sector since 1987, investing in over 100 companies, including notable firms like SMIC and Zhaoyi Innovation [4]. - Chen's entry into China in 1993 marked a significant moment in the venture capital landscape, contributing to the growth of the industry from its nascent stages [4]. Group 2: Intel's Challenges and Chen's Role - Intel faced a record quarterly loss of $16.6 billion (approximately 116.9 billion RMB) before Chen's appointment as CEO, which led to a 25% increase in Intel's stock price on the day of his announcement [8]. - Following his appointment, Chen successfully attracted significant investments from SoftBank ($2 billion) and Nvidia ($5 billion) to support Intel's semiconductor manufacturing [5][8]. - Despite these successes, Chen's extensive investment network has led to internal trust issues at Intel, with employees expressing concerns over potential conflicts of interest [5][17]. Group 3: The Rivos Acquisition Controversy - Intel's interest in acquiring Rivos, a chip design company valued at $2 billion, has raised eyebrows as Rivos was incubated by Chen, who is also a board member and early investor [9][11]. - The acquisition bid has escalated Rivos's valuation to $4 billion due to competitive interest from both Intel and Meta, which complicates the situation further [9][10]. - Chen's involvement in the Rivos acquisition has led to accusations of potential conflicts of interest, prompting Intel's board to question his role in the decision-making process [14][17]. Group 4: Broader Implications for the Semiconductor Industry - The semiconductor industry is characterized by high R&D costs, often exceeding 20% of annual sales, necessitating significant investment and collaboration for growth [20]. - The article emphasizes that the future of semiconductor companies relies on strategic investments and acquisitions, particularly for established firms like Intel looking to adapt to new market demands [20]. - Chen's dual role as an investor and CEO highlights the complexities of navigating corporate governance and investment strategies in a rapidly evolving industry [19][21].