Core Viewpoint - Lianyun Technology (688449) reported a preliminary performance summary for 2025, indicating a dual increase in revenue and profit, driven by industry recovery and enhanced core competitiveness [1][4]. Financial Performance - Total operating revenue for 2025 reached 1.331 billion, a year-on-year increase of 13.42% [3][4]. - Operating profit and net profit attributable to the parent company both stood at 142.1 million, reflecting a year-on-year growth of 20.36% [3][4]. - The non-recurring net profit saw a significant increase of 130.29%, reaching 101.5 million, highlighting the resilience of core business profitability [3][4]. - Basic earnings per share were 0.31, a slight decrease of 3.13% compared to the previous year [3][4]. - The weighted average return on equity was 7.86%, down by 9.47 percentage points from the previous year [3][4]. - Total assets at year-end were 2.332 billion, with a year-on-year growth of 11.78%, and equity attributable to the parent company was 1.905 billion, up 11.40% [3][4]. Growth Drivers - The growth in performance was supported by three main factors: 1. Recovery in industry demand, particularly in storage and AI-related sectors, leading to increased shipments of PCIe and enterprise-grade SATA controller chips [5]. 2. Continuous investment in R&D, with annual R&D expenses around 506 million, maintaining a stable R&D expense ratio [5]. 3. Solid profitability in core business, with net profit attributable to the parent company around 196 million after excluding share-based payment expenses [5]. - Overall, Lianyun Technology achieved dual growth in revenue and profit for 2025, with a strong foundation for long-term development through R&D investment [5]. Company Overview - Founded in November 2014, Lianyun Technology is headquartered in Hangzhou and has branches in several cities, focusing on the research and industrialization of data management-related chips [7]. - The company specializes in data management, general IP, and SOC chip development, being one of the few globally to master core technologies in data storage management chips [7]. - Lianyun Technology operates on a Fabless model, emphasizing chip design and sales, and holds approximately 25% market share in the global independent third-party SSD controller chip market [7].

Core Insights - The report emphasizes the historical positioning of silver indicators, noting that 93% of historical dates are below 200%, while the current level exceeds 1800%, indicating potential price adjustments during the decline phase of silver [11] - It highlights the macroeconomic narratives, including geopolitical tensions and the impact of the new Federal Reserve chair, suggesting that the current market is less influenced by overseas factors [3][12] - The investment strategy focuses on three main areas: core growth assets, global competitive advantages, and emerging growth sectors, with specific recommendations for companies in these categories [14] Company Summaries TCL Electronics (01070) - TCL Electronics is forming a joint venture with Sony, where TCL will hold 51% and Sony 49%, aiming to leverage cost and technology advantages in the large-size and mini LED sectors [15] - The joint venture is expected to enhance TCL's high-end product series capabilities [15] Mao Geping (01318) - The brand is expanding its global presence with a new store in Hong Kong and a focus on integrating Eastern aesthetics with modern art, enhancing its international brand narrative [16] Anjuke Food (603345) - The company is shifting from a reliance on large B2B clients to a selective supermarket customization strategy, collaborating with major retailers to launch tailored products, resulting in a 28.1% year-on-year revenue increase in the supermarket channel [17] Chengda Pharmaceutical (301201) - Chengda is transitioning towards biocell therapy, developing innovative drug pipelines and forming strategic partnerships, including a significant collaboration with Chiron Pharma, which has led to clinical advancements [19] Xinquan Co., Ltd. (603179) - The company has established strong partnerships with major domestic truck manufacturers and is focused on expanding its automotive component offerings, leveraging over 20 years of industry experience [20] Jianghuai Automobile (600418) - Jianghuai is developing a new generation of high-end intelligent electric vehicles, integrating advanced technologies from partnerships with high-tech companies like Huawei [21] Chip Origin (688521) - The company reported significant growth in its chip design and mass production businesses, with a 290.82% quarter-on-quarter increase in design revenue and a 132.77% increase in mass production revenue [22] Tencent Holdings (00700) - Tencent's performance exceeded expectations with a 15.4% year-on-year revenue growth, driven by strong sales and R&D efficiency, leading to a notable increase in net profit [23] China Resources Land (01109) - The company is transitioning its real estate service platform to offer comprehensive lifecycle services, enhancing customer engagement through a new digital platform [24] China Merchants Energy Shipping (601872) - The company is benefiting from rising oil shipping rates, with Q4 2025 VLCC average rates reaching $94,000 per day, marking a significant increase in operational profits [26]

从资金净流入方面来看，科创芯片设计ETF易方达近4天获得连续资金净流入，最高单日获得8270.62万 元净流入，合计"吸金"1.72亿元，日均净流入达4293.96万元。（数据来源：Wind） 科创芯片设计ETF易方达紧密跟踪上证科创板芯片设计主题指数，上证科创板芯片设计主题指数选取科 创板内业务涉及芯片设计领域的上市公司证券作为指数样本，以反映科创板芯片设计领域上市公司证券 的整体表现。 截至2026年2月3日 14:46，上证科创板芯片设计主题指数(950162)强势上涨2.00%，成分股芯原股份上涨 9.70%，新相微上涨9.53%，普冉股份上涨7.53%，国芯科技，中微半导等个股跟涨。科创芯片设计ETF 易方达(589030)上涨1.27%，最新价报1.04元。拉长时间看，截至2026年2月2日，科创芯片设计ETF易方 达近2周累计上涨1.69%，涨幅排名可比基金2/4。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，科创芯片设计ETF易方达盘中换手12.99%，成交6315.35万元，市场交投活跃。拉长时间 看，截至2月2日，科创芯片设计ETF易方达近1年日均成交9519.00万元。 规 ...

Group 1 - The company, Lanqi Technology, plans to set the upper limit of its IPO price range, with a maximum offering price of HKD 106.89, aiming to raise up to HKD 7.04 billion [1] - The IPO will take place from January 30 to February 4, with 65.89 million H-shares being issued, 10% for public offering in Hong Kong and the remainder for international placement, along with a maximum of 15% over-allotment option [1] - Lanqi Technology is a leading fabless integrated circuit design company, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, projected to be the largest memory interconnect chip supplier globally by revenue in 2024, with a market share of 36.8% [1] Group 2 - The company offers a full range of memory interface chips from DDR2 to DDR5, including supporting chips such as SPD, temperature sensors, and power management ICs, with its DDR5 memory interface chips being critical for stable data transmission between CPUs and DRAM modules in servers [2] - New interconnect chips launched by the company aim to enhance the reliability and efficiency of data transmission in AI servers and personal computers [2] - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips including memory interface chips, supporting chips, PCIe/CXL interconnect chips, and clock chips [2]

Core Viewpoint - The company, Lianqi Technology, plans to price its IPO at the upper limit of the offering range, aiming to raise up to HKD 7.04 billion through the issuance of 65.89 million H-shares, with a maximum offer price of HKD 106.89 per share [1] Group 1: Company Overview - Lianqi Technology is a leading fabless integrated circuit design company focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, Lianqi Technology is projected to be the largest supplier of memory interconnect chips globally by 2024, holding a market share of 36.8% based on revenue [1] Group 2: Product Offerings - The company offers a full range of memory interface chips from DDR2 to DDR5, including supporting chips such as SPD (Serial Presence Detect), TS (Temperature Sensor), and PMIC (Power Management Integrated Circuit) [2] - Lianqi Technology's DDR5 memory interface chips serve as critical interconnect components between CPUs and DRAM modules in servers, enabling stable transmission of high-speed data [2] - The newly launched interconnect chips, including MRCD/MDB, CKD (Clock Driver), PCIe Retimer, and CXL MXC (Memory Expansion Controller), aim to enhance the reliability and efficiency of data transmission in AI servers and personal computers [2]

Core Viewpoint - The company, Lanqi Technology, plans to price its IPO at the upper limit of the offering range, aiming to raise up to HKD 7.04 billion through the issuance of 65.89 million H-shares, with a maximum offer price of HKD 106.89 per share [1] Group 1: IPO Details - The IPO subscription period is set from January 30 to February 4, with 10% of the shares available for public offering in Hong Kong and the remainder for international placement, including an option for up to 15% in over-allotment [1] - The expected listing date for Lanqi Technology's H-shares is February 9 [1] - The entry fee for one board lot of 100 shares is HKD 10,796.8 [1] Group 2: Company Overview - Lanqi Technology is a leading fabless integrated circuit design company, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally by 2024, holding a market share of 36.8% based on revenue [1] - The company provides interconnect chips to industry-leading clients, including memory interconnect chips and PCIe/CXL interconnect chips, applicable in a wide range of end-user fields such as data centers, servers, and computers [1] Group 3: Product Lines - Lanqi Technology offers a full range of DDR2 to DDR5 memory interface chips and supporting chips, including SPD, temperature sensors, and power management integrated circuits [2] - The DDR5 memory interface chips are critical interconnect components between CPUs and DRAM modules in servers, enabling stable transmission of high-speed data [2] - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips including memory interface chips, memory module supporting chips, PCIe/CXL interconnect chips, and clock chips [2]

此外，Momenta创始人团队成员曹旭东、夏炎也通过新芯航途的控股股东间接持有公司股份。这一股权 结构也意味着，在保持公司独立运营的前提下，新芯航途仍与Momenta核心团队保持较为紧密的产业与 资本纽带。 在股权结构方面，在此次国家人工智能产业投资基金入股之前，新芯航途已引入多家产业背景较为明确 的投资方，包括上汽集团、奇瑞汽车、均胜电子等汽车产业链相关资本平台。 随着智能驾驶功能不断向中端车型下沉，车规级芯片的国产化需求也在持续提升。一方面，整车厂对核 心芯片供应安全的重视程度不断提高；另一方面，算法复杂度提升也对车端算力提出更高要求。在此背 景下，具备芯片设计能力、并能够与自动驾驶算法及整车需求深度协同的企业，正成为产业资本重点关 注对象。 但是到目前为止，新芯航途尚未披露详细的产品信息、量产进度及客户拓展情况。后续在国家级产业资 本加持下，其技术研发及商业化进展，仍有待进一步观察。 天眼查App显示，近日，新芯航途（苏州）科技有限公司（下称"新芯航途"）发生工商变更，新增国家 人工智能产业投资基金合伙企业（有限合伙）为股东；同时，公司注册资本由约1871.7万元人民币增至 约1919.9万元人民币。此 ...

这意味着公司自成立以来首次实现年度盈利，标志着这家AI芯片龙头企业跨过了从技术积累到商业变 现的关键门槛。 然而，与这份亮眼财报形成鲜明对比的是，公司股价在近期却连续下滑，这种基本面与市场表现的背 离，折射出当前市场对寒武纪价值判断的复杂心态与深层逻辑。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：IPO日报 2026年2月2日，2月的第一个交易日，"寒王"（寒武纪，688256）的股价一点也不兴奋，和其业绩表现 相差甚远。 当日，寒武纪以1249元的价格低开，盘中冲高回落再拉冲高，盘中最高价1273元，最低价1233元，收盘 价1242元，下跌1.34%。从阶段性高点1550元开始，15个交易日下跌超过300元，形成了新一波下杀走 势，目前已跌破30日、60日线，尚未看到止跌的信号。 张力制图 笔者以为，2025年对寒武纪而言，应该说值得是载入公司发展史的一年。根据其最新发布的业绩预告， 预计2025年营收为60亿-70亿元，归母净利润18.5亿-21.5亿元。 笔者以为，目前来看，寒武纪的基本面在本质上有了较大的突破：从"烧钱研发"到"规模盈利"转变。 我们来简单计算一 ...

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益12.18%，同类 排名618/5580；近一年收益52.38%，同类排名1146/4286；成立以来收益182.31%。 2月2日，汇顶科技跌5.01%，截至发稿，报76.75元/股，成交7.82亿元，换手率2.15%，总市值357.15亿 元。 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万物智联的芯片设计与解 决方案领先提供商。主营业务收入构成为：指纹识别芯片38.81%，触控芯片37.19%，其他芯片 21.46%，其他(补充)2.54%。 从汇顶科技十大流通股东角度 数据显示，南方基金旗下1只基金位居汇顶科技十大流通股东。南方中证500ETF（510500）三季度减持 8.4万股，持有股数403.58万股，占流通股的比例为0.87%。根据测算，今日浮亏损失约1634.51万元。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年29 ...

新芯航途(苏州)科技有限公司成立于2023年12月，法定代表人为李俊，经营范围包括科技推广和应用服 务、软件开发、集成电路芯片设计及服务、集成电路芯片及产品销售等。股东信息显示，该公司现由苏 州好望角新芯企业管理合伙企业(有限合伙)、上海上汽创远创业投资合伙企业(有限合伙)及上述新增股 东等共同持股。公开信息显示，该公司是一家集成电路芯片设计与自动驾驶技术研发商，其自主研发的 芯片瞄准20-30万车型市场，计划对标行业主流产品。 天眼查App显示，近日，新芯航途(苏州)科技有限公司发生工商变更，新增国家人工智能产业投资基金 合伙企业(有限合伙)为股东，同时，注册资本由约1871.7万人民币增至约1919.9万人民币。 ...