Group 1 - The China Securities Regulatory Commission (CSRC) has requested that Lianqi Technology (688008.SH) provide additional information regarding potential technology cross-border transfers as part of its listing application submitted to the Hong Kong Stock Exchange on July 11, 2025 [1][2] - Lianqi Technology is recognized as a global leader in the fabless integrated circuit design sector, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2] - According to Frost & Sullivan, Lianqi Technology has become the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024 based on revenue [2] Group 2 - The CSRC has specifically asked Lianqi Technology to clarify the status and compliance of its technology export business over the past three years, particularly concerning its subsidiaries that engage in technology export activities [2]

Group 1 - The core viewpoint of the news is the significant increase in the stock price of CanSemi, which rose by 5.25% to 74.94 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 4.69%, leading to a total market capitalization of 8.993 billion CNY [1] - CanSemi Semiconductor (Shanghai) Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on July 17, 2008. The company is set to be listed on April 11, 2024, and specializes in providing one-stop customized chip design services [1] - The main business revenue composition of CanSemi includes 50.27% from chip design services and 49.73% from chip mass production services [1] Group 2 - From the perspective of fund holdings, one fund under Guorong Fund has a significant position in CanSemi, with Guorong Rongsheng Leading Selection Mixed A (006718) holding 620,000 shares, accounting for 3.37% of the fund's net value, ranking as the tenth largest holding [2] - The fund Guorong Rongsheng Leading Selection Mixed A was established on May 29, 2019, with a latest scale of 255 million CNY. It has achieved a year-to-date return of 3.49% and a one-year return of 51.74% [2] - The fund manager, Zhou Desheng, has been in position for 5 years and 187 days, with the fund's total asset scale at 1.226 billion CNY, achieving the best return of 53.08% and the worst return of -46.03% during his tenure [2]

格隆汇9月12日｜芯原股份(688521.SH)今日复牌，盘初涨近20%，报183.4元。消息面上，芯原股份宣布 将以发行股份及支付现金方式购买芯来智融股权，股票今日复牌。芯原股份还称，截至2025年第二季度 末，在手订单金额为30.25亿元，创历史新高。2025年7月1日至2025年9月11日，公司新签订单12.05亿 元，较去年第三季度全期大幅增长85.88%，新签订单已创历史新高，其中AI算力相关的订单占比约 64%。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - Kinsus Interconnect Technology Corp. (国巨集团) is making a strategic move to acquire 28.5% of the shares of Maoda Electronics (茂达电子) at a price of NT$229.8 per share, representing a 20% premium, indicating strong intent and attractiveness of the offer [1][2]. Group 1: Acquisition Details - The acquisition is set to be filed with the Financial Supervisory Commission and will take place from September 12, 2025, to October 1, 2025, with a maximum purchase of 21,277,245 shares, which is approximately 28.5% of Maoda's total issued common shares [1]. - The minimum purchase requirement is set at 3,733,000 shares, or about 5% of Maoda's total issued common shares, with the condition that the acquisition must meet this minimum threshold [1]. Group 2: Maoda Electronics Overview - Maoda Electronics specializes in power integrated circuits (Power IC), focusing on mixed-signal power chips and sensors, with key product lines including fan motor driver ICs and power management ICs, applicable in various electronic devices [1][2]. - The company has shown strong operational performance, with August revenue reaching NT$649 million, marking a record high for the same period, and cumulative revenue for the first eight months of the year at NT$4.886 billion, a year-on-year increase of 21.2% [2]. Group 3: Strategic Rationale - Kinsus aims to leverage Maoda's stable profitability and operational performance for long-term investment returns and to establish a collaborative foundation with Maoda's management [2]. - The acquisition is expected to enhance Kinsus's competitive advantage by maximizing synergies through Maoda's existing product lines and Kinsus's global distribution channels [2]. Group 4: Market Performance and Growth - Maoda's performance is anticipated to continue growing, with expectations of double-digit growth in Q3 and potential for annual earnings exceeding one share capital if external economic conditions remain stable [2]. - The growth momentum is driven by the demand for fan motor driver ICs and power management ICs, with increasing orders in multi-fan applications and strong performance in power management ICs across various sectors [3].

智通财经APP讯，芯原股份(688521.SH)发布公告，截至2025年第二季度末，公司在手订单金额为30.25 亿元，已连续七个季度保持高位，创公司历史新高。2025年7月1日至2025年9月11日，公司新签订单 12.05亿元，较去年第三季度全期大幅增长85.88%，新签订单已创历史新高，其中AI算力相关的订单占 比约64%。除新签订单创历史新高外，公司在手订单持续保持高位，预计将对公司后续经营业绩产生深 远的影响。 ...

格隆汇9月11日丨芯原股份(688521.SH)公布，截至2025年第二季度末，公司在手订单金额为30.25亿元， 已连续七个季度保持高位，创公司历史新高。2025年7月1日至2025年9月11日，公司新签订单12.05亿 元，较去年第三季度全期大幅增长85.88%，新签订单已创历史新高，其中AI算力相关的订单占比约 64%。除新签订单创历史新高外，公司在手订单持续保持高位，预计将对公司后续经营业绩产生深远的 影响。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing a 2025 PE of 70X, which is below the average of comparable companies, indicating a potential valuation growth of 24% [8][6][9]. Core Insights - The company is recognized as a leading domestic multi-chip design firm, with significant growth opportunities in AI and automotive electronics, which are reshaping its growth trajectory [7][8]. - The company has a diversified product portfolio, including NOR Flash, SLC NAND, DRAM, and MCU, positioning it among the top ten integrated circuit design companies globally [19][17]. - The report highlights the expected revenue growth driven by AI applications and automotive electronics, with projected revenues of 93.76 billion, 110.34 billion, and 129.44 billion yuan for 2025-2027, reflecting growth rates of 27.5%, 17.7%, and 17.3% respectively [9][6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7,356 million yuan, with a year-on-year growth rate of 27.7%. For 2025, the revenue is expected to reach 9,376 million yuan, with a growth rate of 27.5% [6]. - The net profit attributable to shareholders is forecasted to be 1,103 million yuan in 2024, increasing to 1,526 million yuan in 2025, representing a growth rate of 38.4% [6]. - The gross margin is expected to improve from 38.0% in 2024 to 40.3% by 2027, indicating a positive trend in profitability [6][9]. Market Position and Product Strategy - The company is strategically positioned in the specialized storage market, focusing on NOR Flash, SLC NAND, and niche DRAM, which are expected to see increased demand due to the rise of AI and automotive applications [31][33]. - The report emphasizes the company's strong foothold in the NOR Flash market, which is experiencing a resurgence as overseas competitors withdraw, allowing domestic firms to capture market share [39][46]. - The automotive sector is highlighted as a significant growth driver, with the company’s products meeting the stringent requirements for reliability and performance in automotive applications [37][53]. Growth Catalysts - The anticipated growth in AI applications, particularly in edge devices, is expected to drive demand for the company's SPI NOR Flash products, which are critical for program storage and high-speed data retrieval [56][39]. - The report notes that the company's strategic partnerships and investments in DRAM and NAND technologies position it well to capitalize on market opportunities as traditional suppliers exit the market [11][60]. - The automotive industry's shift towards electrification and automation is projected to create substantial demand for the company's automotive-grade storage solutions [37][53].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its leadership in diversified chip design and a projected PE of 70X for 2025, which is below the average of comparable companies, indicating a potential valuation growth of 24% [11][10]. Core Insights - The company is recognized as a global leader in diversified chip design, ranking among the top ten integrated circuit design firms in the NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors based on 2024 sales [10][24]. - The demand for AI toys, humanoid robots, and other edge devices is expected to surge in 2025, significantly boosting the need for the company's SPI NOR Flash products, which are essential for program storage and high-speed data reading [10][69]. - The company is strategically positioned to capture market share in the DRAM sector as original manufacturers exit, with a robust product lineup and strong partnerships with domestic DRAM wafer manufacturers [10][73]. - The automotive electronics sector is a key focus, with the company offering a full range of automotive-grade products and actively pursuing certifications to support advanced driving systems [10][65]. Financial Data and Profit Forecast - The company anticipates total revenue of 9,376 million yuan in 2025, reflecting a year-on-year growth rate of 27.5% [9]. - The projected net profit attributable to shareholders for 2025 is 1,526 million yuan, with a significant year-on-year growth of 38.4% [9]. - The gross margin is expected to stabilize around 38.3% in 2025, with a gradual increase to 40.3% by 2027 [12]. Market Position and Growth Drivers - The specialized storage market is entering an upward cycle, driven by improvements in supply-demand dynamics and the increasing demand for AI applications, with the market projected to grow at a CAGR of 7.1% from 2025 to 2029 [43][48]. - The company is leveraging its technological advancements in NOR Flash and SLC NAND to meet the growing requirements of AI and automotive applications, positioning itself for substantial growth in these sectors [10][50]. - The report highlights the company's competitive edge in the SPI NOR Flash market, emphasizing its ability to provide high-performance products tailored for various applications, including AI and automotive electronics [10][64].

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting sector movements and specific companies that have attracted institutional interest, particularly in the context of new energy and technology sectors. Market Performance - During the week of September 1-5, the A-share market experienced a slight pullback, with the Shanghai Composite Index down 1.18% to close at 3812.51 points, while the Shenzhen Component fell 0.83%. The ChiNext Index, however, rose by 2.35% [3]. Sector Analysis - The performance across the Shenwan first-level industries was mixed, with sectors such as electric power equipment, light industry manufacturing, and textiles showing strong gains, while defense, computer, and communication sectors lagged behind. Notably, themes related to new energy, including power batteries, photovoltaic inverters, lithium battery electrolytes, and energy storage, showed significant rotation and activity [4]. Institutional Research - A total of 353 companies disclosed institutional research minutes during the week, with approximately 30% of these companies achieving positive returns. For instance, China Ruilin saw a stock price increase of 27.64% over four days, while several other companies, including Huasheng Lithium Battery and Huawai Technology, reported gains exceeding 20% [4]. Notable Companies - **澜起科技 (Lanke Technology)**: - The company received attention from 231 institutions, reporting a revenue of 2.633 billion yuan for the first half of 2025, a year-on-year increase of 58.17%, and a net profit of 1.159 billion yuan, up 95.41%. The growth was attributed to strong demand in the AI industry, particularly for DDR5 memory interface and related chips [7][6]. - **炬光科技 (Juguang Technology)**: - The company was surveyed by 192 institutions, reporting a revenue of 393 million yuan, a 26.20% increase, and a net loss reduction to 24.94 million yuan. The overall gross margin improved to 33%, driven by business structure optimization and successful transitions in product lines [10][9]. - **恺英网络 (Kaiying Network)**: - This internet gaming company engaged with 162 institutions, achieving a revenue of 2.578 billion yuan, a 0.89% increase, and a net profit of 950 million yuan, up 17.41%. The company is advancing in AI model development and plans to launch an AI-driven toy brand targeting emotional companionship for young adults [12][11].

Core Business - The company is a leading domestic designer of analog and embedded chips, focusing on research, design, and sales of power and battery management solutions, providing high-performance and cost-effective solutions for clients [1][2] - The product portfolio includes mobile device power management chips, smart energy management chips, automotive electronics chips, and microcontrollers (MCUs), catering to consumer electronics and industrial applications [2][3] Fundraising and Investment Plans - The company plans to raise up to 1,933.38 million yuan through the issuance of convertible bonds, with the net proceeds allocated to specific projects [3][4] - The total investment for the smart power management chip project is 459.24 million yuan, aimed at developing power management products for high-current applications [5][6] Smart Power Management Chip Project - The project will address technical challenges in high-current scenarios, developing multi-phase controllers and high-current power management integrated circuits (PMICs) for CPUs and GPUs [5][6] - The project aligns with market trends in AI and high-performance computing, aiming to enhance the company's competitive position and profitability [6][10] Automotive Chip Development Project - The automotive chip project has a total investment of 843.44 million yuan, focusing on developing various chips for vehicle body systems, cockpit systems, and intelligent driving systems [17][18] - The project aims to increase the localization rate of automotive chips, addressing supply chain security and enhancing the company's market position in the automotive sector [18][19] Industrial Sensor and Control Chip Project - The industrial application project has a total investment of 630.80 million yuan, focusing on developing optical sensors, inertial sensors, and high-precision digital controllers [26][28] - The project aims to improve the localization rate of sensor chips and enhance the company's technological capabilities in the sensor market [27][28]