9月，金字火腿拟以自有或自筹资金不超过3亿元，通过增资扩股的方式取得中晟微电子（杭州）有限公司（以下简称"中晟微"）不超过20% 的股权，跨界光通信芯片领域。公告显示，中晟微目前尚未盈利，且未来盈利状况存在不确定性。这笔交易按首次增资投前估值10亿元测 算，以2024年12月31日为基准日，对应增值率为9710%。10月，公司已向中晟微支付了预付款，同时完成了对中晟微的简易尽职调查工作。 在知名战略定位专家、福建华策品牌定位咨询创始人詹军豪看来，郑庆昇入主金字火腿后，公司跨界半导体与换帅的接连动作，显示出他正 加速推动公司业务与团队重构，背后或许是出于战略转型的迫切需求。"当主业遭遇瓶颈增长乏力，需开拓新赛道，寻找第二增长曲线。而 换帅能引入适配新业务的人才，带来新思维与活力，助力跨界转型。"他表示。 业绩方面，财报数据显示，2025年前三季度，金字火腿实现营收2.22亿元，同比下降13.97%；归母净利润为2201.46万元，同比下降 26.25%。其中三季度单季，公司营收同比下降11.45%至5260.75万元，归母净利润亏损90.58万元。 "火腿第一股"金字火腿再换总裁，这次由实控人之子接棒。12月1 ...

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

神工股份跌超10%，摩尔线程跌逾5%，艾森股份、富创精密、宏微科技、英集芯等跟跌。 (本文来自第一财经) 神工股份跌超10%，摩尔线程跌逾5%，艾森股份、富创精密、宏微科技、英集芯等跟跌。 (本文来自第一财经) ...

Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the U.S. economic outlook for 2026, focusing on tax policies, inflation, employment, and the impact of the AI sector on the market [1][4][11]. Core Insights and Arguments - **Tariff Legality and Impact**: The legality of Trump's IEP tariffs is under challenge, with a market expectation of over 70% probability that they will be deemed illegal by the Supreme Court. This could significantly affect stock trading strategies [1][3]. - **Economic Growth from the Inflation Reduction Act**: The Inflation Reduction Act is expected to boost GDP growth by approximately 0.4 percentage points in 2026 through tax cuts, despite potential declines in social welfare programs [1][5]. - **Midterm Elections Influence**: The Trump administration may implement measures to stabilize the stock market and avoid actions that could harm it, as the midterm elections approach. This includes potential reductions in tariffs on consumer goods and food [1][6]. - **Deficit Projections**: The U.S. deficit rate is projected to decrease to about 5.9% in 2025 due to spending cuts and increased tariff revenues, but is expected to rebound to approximately 6.2% in 2026 due to fiscal expansion [1][7][8]. - **AI Bubble Concerns**: There are rising concerns about an AI bubble, characterized by high market concentration and overvaluation in the tech sector. The bubble is expected to remain stable until 2026, with potential risks of bursting in 2027 or 2028 [1][9][10]. Additional Important Content - **Inflation and Employment Forecasts**: The CPI growth rate for 2026 is anticipated to fluctuate between 2.8% and 3.1%, with unemployment peaking at 4.6% in early 2026 before gradually declining to 4.3%-4.4% by year-end [4][11]. - **Investment Trends**: AI-related investments are expected to continue growing but at a slower rate, while non-AI investments may rebound due to lower interest rates and improved confidence in capital expenditures [4][12]. - **Market Outlook**: The stock market is projected to continue rising in 2026, albeit with increased volatility. Short-term bond yields are expected to decrease, while long-term yields will remain high [4][13][14]. This summary encapsulates the key points discussed in the conference call, providing insights into the economic landscape and potential investment opportunities and risks for 2026.

每经AI快讯，半导体芯片股震荡走低，神工股份跌超10%，摩尔线程跌逾5%，艾森股份、富创精密、 宏微科技、英集芯等跟跌。 （文章来源：每日经济新闻） ...

公众号记得加星标⭐️，第一时间看推送不会错过。 毋庸置疑，从电动汽车到AI数据中心，从储能与工业领域再到消费电子市场，电力已成为驱动一切的 血液。 然而，与之相伴而生的，是过流、短路、浪涌以及系统级协同等潜在风险，时刻威胁着复杂电子系统 的稳定与安全。传统的熔断保险丝，因其一次性熔断、响应迟缓且功能单一的局限，短板尽显。 正是在这样的背景下，电子保险丝（eFuse） ——一种基于半导体技术的智能电路保护方案，正从细 分领域走向舞台中央，成为保障产业创新与可靠运行的关键基石。 | | Glass tube fuse | One-shot type chip fuse | Resettable fuse | Electronic fuse or eFuse IC | | --- | --- | --- | --- | --- | | Repeatability | - | 1 | | | | Overcurrent protection | | | | | | Speed and accuracy | | | | | | Other protection functions | 1 | | | | | Effec ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking its entry as the second domestic GPU company after Moore Threads [1][2]. Group 1: Company Overview - Muxi was founded in 2020 by former AMD employees, capitalizing on the shift in AI technology towards large models and generative AI [2]. - The company focuses on developing AI chips, particularly targeting the inference segment of AI applications, with its first inference chip, Xisi N100, delivered in January 2022 and mass-produced in April 2023 [2][3]. - Muxi aims to create a "Chinese version of AMD" by developing general-purpose GPUs (GPGPU) that emphasize AI and high-performance computing capabilities [4][6]. Group 2: Product Development - Muxi has launched several GPU products, including the Xisi N series for inference and the Xiyun C series for training and inference integration, with the Xiyun C500 officially mass-produced in February 2024 [7][11]. - The company is also developing the next-generation Xiyun C600 series and the Xisi N series for rendering, aiming to cover AI computing, general computing, and graphics rendering [11][12]. Group 3: Market Position and Financial Performance - Muxi's GPU products have achieved cumulative sales of over 25,000 units by March 2025, with applications in various AI public computing platforms [3]. - The company reported significant revenue growth, with revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [18]. - Despite rapid revenue growth, Muxi has not yet achieved profitability, with net losses of 7.77 billion yuan in 2022, 8.71 billion yuan in 2023, and 14.09 billion yuan in 2024, totaling over 30 billion yuan in losses [20]. Group 4: Investment and Future Outlook - Muxi plans to use the funds raised from its IPO for the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [11][12]. - The company expects to reach a breakeven point by 2026, driven by the increasing commercialization of its core products [17][20]. - Muxi's market share in the Chinese AI accelerator market is approximately 1%, positioning it among the leading domestic GPU manufacturers [24].

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor. The company faces challenges regarding its profitability and market position, particularly in the 5G sector, where it lags behind competitors [1][4][16]. Group 1: Company Overview - Yixin Communication was established in 2017 and focuses on the research and sales of cellular communication baseband chips. The company has produced multiple models of NB-IoT and Cat.1bis series chips, widely used in various devices [2][17]. - The company has completed six rounds of financing since June 2017, raising approximately 1.419 billion yuan, with notable investors including SoftBank Vision Fund II and other venture capital firms. However, it has not secured new external financing for nearly four years since its C round [2][17]. Group 2: Shareholding Structure - The controlling shareholder of Yixin Communication is Liu Shi, who directly and indirectly controls a total of 32.79% of the company's shares. This shareholding is consistent with the information disclosed in the IPO prospectus [6][22]. - Despite Liu Shi's significant shareholding, the company did not designate him as the controlling shareholder in the IPO application, referring to him only as part of the "largest shareholder group" [1][8]. Group 3: Financial Performance - Yixin Communication's revenue for 2022, 2023, and 2024 was 410 million yuan, 533 million yuan, and 552 million yuan, respectively, with a compound annual growth rate of 16.12%. In the first half of 2025, revenue reached 337 million yuan, a year-on-year increase of 12.96% [8][23]. - The company transitioned from losses to profitability, recording net losses of 98.043 million yuan in 2022 and 159 million yuan in 2023, followed by a net profit of 12.395 million yuan in 2024 and 16.853 million yuan in the first half of 2025. However, as of June 2025, it still had an unabsorbed loss of 231 million yuan [8][23]. Group 4: Business Structure and Market Position - The company's revenue primarily comes from chip sales (NB-IoT and Cat.1bis) and licensing services. While the NB-IoT sector has seen growth, it has been affected by price competition, leading to a decline in revenue for 2023 and 2024, with recovery expected in 2025. The Cat.1bis product line has consistently grown, offsetting the decline in NB-IoT revenue [9][24]. - Yixin Communication is significantly behind in the 5G product market, with its 5G RedCap EC800 model still in pre-tape-out verification and expected to launch in 2026. In contrast, competitors have already released multiple 5G products [9][24][27]. Group 5: Research and Development - The company's R&D expenditures were 104 million yuan, 186 million yuan, 139 million yuan, and 67.967 million yuan over the reporting period, representing 25.5%, 34.9%, 25.1%, and 20.2% of revenue, respectively. This is notably lower than competitors like Aojie Technology, which has a much higher R&D expense ratio [12][27]. - As of June 2025, Yixin Communication had obtained 34 authorized patents, with none related to 5G technology, indicating a potential gap in innovation compared to competitors [12][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is building a comprehensive semiconductor ecosystem through its IDM platform, with AI computing driving opportunities in high-end optical chips [3] - The company has achieved significant technological breakthroughs, including a continuous power breakthrough of 132W for high-power single-tube chips and mass production of 50W products [3] - The company is benefiting from the explosion of AI computing power and supply chain restructuring, with high-end optical communication chips entering a phase of capacity release and technological iteration [4] - The company is expanding its business boundaries from laser chips to high-growth sectors such as automotive radar, optical computing, and new energy [3][4] Financial Summary - Total revenue is projected to decline from 290.21 million in 2023 to 272.64 million in 2024, followed by a significant increase to 477.12 million in 2025, 682.28 million in 2026, and 921.08 million in 2027 [1] - The net profit attributable to the parent company is expected to improve from a loss of 91.95 million in 2023 to a profit of 36.80 million in 2025, 72.82 million in 2026, and 150.41 million in 2027 [1] - The earnings per share (EPS) is forecasted to turn positive in 2025, reaching 0.21 yuan per share, and increasing to 0.85 yuan per share by 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease significantly from -283.74 in 2023 to 173.45 in 2027, indicating improving profitability [1]

下面我们来看下今日龙虎榜情况： 高位股方面，龙洲股份8天7板，航天机电11天6板，中源家居7天5板，*ST铖昌6天5板，再升科技5连板，西部材 料、航天动力6天4板，博纳影业5天4板。 | 天力复合 30.00% | 航天环字 10.99% | 晶丰明源 20.00% 摩尔线图 -13.41% | 蒸灰型 16.84% 源市苏坝 -8.89% | 斯珊新材 17.58% 合规智能 4.95% | 航字科技 19.85% 病膏患团 -0.13% | 广道退 -21.09% 铜峰电子 10.04% | 大鹏工业 10.79% 再升科技 10.05% | | --- | --- | --- | --- | --- | --- | --- | --- | | 凤竹纺织 10.05% | | 梅雁吉祥 10.06% | 中国西电 10.06% | 赌城股份 0.62% | 永鼎股份 3.99% | 灿龄电力 11.29% | 精创电气 1.08% | | 沪市 - EE 2.45% | | 四川金顶 -4.00% | 永悦科技 -10.06% | 国圆科技 -10.01% | 舒伊体育 -10.02% | 用都物业 - ...