昊析案例|商业秘密刑事保护的实践检视——上海AW公司芯片技术被侵犯案 作者：邱戈龙 黄丽璇 商业秘密的刑事保护，既关乎权利人私益的维护，亦涉及市场公平竞争秩序的维系。如何启动刑事程序、如何在技术事实与法律构成之间建立有效联结，始 终是实践中的难点。本文以上海AW公司商业秘密刑事维权案为例，结合刑事立案的关键环节，探讨商业秘密刑法保护的适用逻辑与操作要点。 一、案件背景：核心人员流失与市场竞争失序 上海AW公司（以下简称"AW公司"）系一家专注于芯片设计的半导体企业，产品主要应用于便携式消费电子领域。为保护其研发成果及客户资源，AW公司 建立了封闭式工作站网络与notes系统，并制定了相应的保密制度，形成了一套较为完备的商业秘密管理体系。 2015年，AW公司发现市场上出现与其音频功放芯片技术高度相似的竞品，经调查，该产品由上海XW公司（以下简称"XW公司"）生产销售。进一步查证显 示，XW公司的法定代表人、监事、技术及销售人员均曾为AW公司核心员工，且集中于2014年离职。离职前，上述人员均不同程度接触并掌握AW公司的核 心技术信息与经营信息。离职后，XW公司与AW公司的上游供应商及下游代理商迅速建立合作关系 ...

江苏艾森公告称，2025年度实现营收5.94亿元，同比增长37.54%；营业利润4704.43万元，同比增长 61.08%；利润总额4920.57万元，同比增长48.90%；归属于母公司所有者的净利润5046.33万元，同比增 长50.74%。报告期末，总资产14.92亿元，较期初增长19.93%；归属于母公司的所有者权益10.30亿元， 较期初增长5.73%。业绩增长得益于半导体行业景气度回升、产品及全球化布局成效显著、产品结构优 化。数据为初步核算，未经审计，具体以年报为准。 ...

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index down 0.01% at 4146.63 points, the Shenzhen Component Index up 0.19% at 14503.79 points, and the ChiNext Index down 0.29% at 3344.98 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,568 billion yuan, an increase of 756 billion yuan compared to the previous day [1] Sector Performance - The electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment sectors saw the largest gains [1] - The film and television, rare earth, insurance, and real estate development sectors experienced the largest declines [1] Investment Insights - According to institutional views, the overall market trend remains upward, with resource stocks like energy metals, steel, and rare earths undergoing corrections while sectors like computing hardware and commercial aerospace are gaining traction [3] - Investors are advised to focus on low-entry opportunities in previously popular sectors after corrections, with a long-term view on high-growth areas such as semiconductors, consumer electronics, artificial intelligence, and robotics [3] Lithium Market Impact - Zimbabwe's Ministry of Mines announced a ban on lithium ore exports, which is expected to significantly impact lithium prices as 19% of China's lithium concentrate imports come from Zimbabwe [3][5] - Companies with lithium mining interests in Zimbabwe, such as Shengxin Lithium Energy and Yahua Group, have stated that they are currently assessing the impact of this ban on their operations [5] Nvidia Financial Performance - Nvidia reported record revenue for the fourth quarter and the entire fiscal year 2026, with fourth-quarter revenue reaching 68.1 billion USD, a 20% increase from the previous quarter and a 73% increase year-over-year [6] - The company's full fiscal year revenue was 215.94 billion USD, a 65% increase from fiscal year 2025, with net profit for the fourth quarter at 42.96 billion USD, up 94% year-over-year [6] - Nvidia's data center business was a significant driver of this growth, with expectations for first-quarter revenue in fiscal year 2027 projected at 78 billion USD [6]

超越英伟达的依然是TA自己—— 2026财年，英伟达最后一份季度财报出炉。不出意料，又是连破三个纪录： 单季度营收达681亿美元（约4678亿元），同比增长73%，环比增长20%。 数据中心季度营收623亿美元（约4280亿元），同比增长75%，环比增长22%。 公司全年营收2159亿美元（约14831亿元），同比增长65%。 这份成绩可以说让资本市场吃了"定心丸"，"AI鬼故事"的阴霾一扫而空……财报后，英伟达盘后股价一度涨超3.7%。 英伟达最新季度财报 从财务指标入手，"猛涨"依旧是英伟达财报的基调。 2026财年（即2025年）第四季度，公司营业收入为681亿美元（约4678亿元），同比增长73%，环比增长20%。 2026财年全年营收2159亿美元（约14831亿元），同比增长65%。 透过业务基本盘进一步感知，还是从数据中心、游戏、专业可视化，以及汽车四个方面去展开。 英伟达业务的绝对核心数据中心，第四财季营收623亿美元，同比增长75%，环比增长22%；全年营收1937亿美元，同比增长68%。 数据中心业务的增长，主要来自平台转型在背后推动，Blackwell架构全面放量，推理算力需求呈现指数级 ...

| GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | 0/0 | Y/Y | | Revenue | $68.127 | $57,006 | $39.331 | 20 % | 73 % | | Gross margin | 75.0 % | 73.4 % | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6.794 | $5.839 | $4.689 | 16 % | 45 % | | Operating income | $44.299 | $36,010 | $24,034 | 23 % | 84 % | | Net income | $42,960 | $31,910 | $22,091 | 35 % | 94 % | | Diluted earnings per share | $1.76 | $1.30 | $0.89 | 35 ...

中微半导公告，根据2026年2月26日询价申购情况，初步确定的本次询价转让价格为43.35元/股。参与 本次询价转让报价及申购的机构投资者家数为36家，参与本次询价转让报价及申购的机构投资者合计有 效认购股份数量为1498.6万股，对应的有效认购倍数为1.87倍。本次询价转让拟转让股份已获全额认 购，初步确定受让方为28家机构投资者，拟受让股份总数为800.73万股。 ...

2月26日，市场探底回升，三大指数涨跌不一，创业板指盘中一度跌超1%，黄白线分化。截至收盘，沪指跌0.01%，深成指涨 0.19%，创业板指跌0.29%。 板块来看，PCB、CPO、液冷服务器、算力芯片概念等表现强势，电力板块走强，小金属概念表现活跃，环保股尾盘拉升。下 跌方面，影视院线、保险、房地产等板块跌幅居前。 全市场超2800只个股下跌。沪深两市成交额2.54万亿元，较上一个交易日放量759亿。 在节后资金持续回流的支持下，今天A股遭遇回调，但展现出较强韧性。 | 名称 | 贡献度 | 涨跌幅 | | --- | --- | --- | | 塞武纪-U | 2.3862 | 7.96% | | 润泽枝 | 1.6571 | 17.71% | | 胜宏科技 | 1.2863 | 7.75% | | 盤甲壓烯 | 1.1612 | 10.00% | | 天孚通信 | 1.0536 | 6.01% | | 沪电股份 | 0.9879 | 10.00% | | #湖股份 | 0.9845 | 7.76% | | 海肥亮奥 | 0.9572 | 2.52% | | 工业富联 | 0.7363 | 0.98% | ...

每经AI快讯，2月26日，颀中科技(688352.SH)公告称，2025年实现营业收入21.90亿元，同比增长 11.78%；但归属于母公司所有者的净利润为2.66亿元，同比下降15.16%，主要原因是合肥厂产能爬坡期 的固定成本及费用增长、研发投入增加，以及实施限制性股票激励计划导致的股份支付费用增长。 ...

报告期内，公司加强多元业务布局，在智能手机、汽车电子、智慧安防、机器视觉等领域持续深耕，加 强产品研发和市场推广，技术和产品创新促进了销售规模高速成长，人均创收持续增长，盈利能力大幅 提升，推动公司2025年度营业收入、营业利润、利润总额、归属于母公司所有者的净利润、归属于母公 司所有者的扣除非经常性损益的净利润、基本每股收益、加权平均净资产收益率实现大幅增长。同时， 报告期净利润增长，带动公司资产规模相应扩张。 思特威(688213.SH)披露2025年年度业绩快报，报告期内，公司实现营业收入90.31亿元，同比增加 51.32%;实现归属于母公司所有者的净利润10.01亿元，同比增加154.97%。 ...

Group 1 - A-shares showed mixed performance on February 26, with the ChiNext Index dropping over 1% at one point, while the Sci-Tech Innovation Board rose by 1.29%. Over 2800 stocks in the market declined [1] - The computing hardware sector led the gains, with strong performances from PCB, CPO, liquid cooling servers, and computing chip concepts. Notable stocks included ShenNan Circuit, Han's Laser, and Guanghe Technology, all hitting the daily limit [1] - The computing rental concept expanded its gains, with Runze Technology hitting the daily limit and closing up 17.7%. Other stocks like Zhongbei Communication and Huasheng Tiancheng also reached their daily limits [1] Group 2 - The power sector strengthened due to the AI wave, with Ganneng Co. achieving two consecutive limits and Huayin Power hitting the daily limit. The wind power sector also saw gains, with stocks like Xinqianglian and Dajin Heavy Industry rising significantly [2] - The commercial aerospace sector experienced a surge, with stocks like Chunhui Zhikong hitting a 20% limit and many others seeing substantial increases [2] - Conversely, the film and insurance sectors faced declines, with the film industry continuing to adjust, leading to significant drops in stocks like Bona Film and Hengdian Film [2] Group 3 - In the Hong Kong market, the Hang Seng Index fell over 0.8%, and the Hang Seng Tech Index dropped over 2% [3] - Tech stocks in Hong Kong collectively declined, with companies like Hua Hong Semiconductor and Xpeng Motors dropping over 4%, while Baidu and Kuaishou fell over 3% [4] Group 4 - The Asia-Pacific market saw the Nikkei 225 index rise by 0.29%, closing at 58753.39 points, while the KOSPI index increased by 3.67%, reaching a new historical high of 6307.32 points [6]