Core Viewpoint - Fudan Microelectronics (688385) announced a significant change in its major shareholder, with Shanghai Guosheng Group Investment Co., Ltd. (Guosheng Investment) set to acquire 107 million A-shares from Fudan Microelectronics' current major shareholder, Shanghai Fuxin Fangao Integrated Circuit Technology Co., Ltd. (Fuxin Fangao), for a total consideration of 5.144 billion yuan, equating to 48.20 yuan per share [2] Group 1 - The share transfer agreement was signed on December 23, with Guosheng Investment acquiring 12.99% of Fudan Microelectronics' total shares [2] - Following the transfer, Guosheng Investment will become the largest shareholder, but Fudan Microelectronics will remain without a controlling shareholder or actual controller, ensuring no significant impact on the company's management [2] - The purpose of the equity change is aligned with Guosheng Investment's strategic development needs [2] Group 2 - A framework agreement for the share transfer was previously signed on November 14, emphasizing continued support for the strategic cooperation between Fudan Microelectronics and Fudan University [3] - The agreement aims to enhance collaborative research and development efforts, focusing on cutting-edge technology fields such as integrated circuits, and to establish a diversified research cooperation platform [3] - Both parties will work to maintain stability among the company's senior management and core personnel to ensure operational continuity [3] Group 3 - The share transfer is subject to internal decision-making approvals from both parties, regulatory approvals from state-owned asset supervision authorities, and compliance confirmation from the Shanghai Stock Exchange before the transfer can be registered [4] - Fudan Microelectronics is recognized as a leading domestic chip design company with a diverse product line, including security and identification chips, non-volatile memory, smart meter chips, and field-programmable gate arrays (FPGAs) [4]

Core Viewpoint - Fudan Microelectronics announced a significant share transfer agreement, with Shanghai Guosheng Investment set to become the largest shareholder, acquiring 107 million A-shares for 5.144 billion yuan, representing 12.99% of the total shares [1] Group 1: Share Transfer Details - The share transfer agreement was signed on December 23, with the transfer price set at 48.20 yuan per share [1] - After the transfer, Guosheng Investment will be the largest shareholder, but the company will remain without a controlling shareholder or actual controller, ensuring no major impact on management [1] Group 2: Strategic Cooperation - Following the share transfer, Fudan Microelectronics and Fudan University will continue their strategic cooperation, focusing on collaborative research and development in cutting-edge technology fields, particularly integrated circuits [2] - The agreement aims to establish diversified research cooperation platforms and support joint team formation, resource sharing, and project collaboration [2] Group 3: Company Performance - Fudan Microelectronics reported a Q3 revenue of 1.186 billion yuan, a year-on-year increase of 33.28%, and a net profit of 137 million yuan, up 72.69% [3] - For the first three quarters of 2025, the company achieved a revenue of 3.024 billion yuan, a 12.7% increase year-on-year, but net profit decreased by 22.69% to 330 million yuan [3] - The company has a diverse product line, including security and identification chips, non-volatile memory, smart meter chips, and FPGAs, with revenue growth across most product lines except for non-volatile memory [3]

数据显示，嘉实基金旗下1只基金位居联芸科技十大流通股东。嘉实上证科创板芯片ETF（588200）三 季度新进十大流通股东，持有股数156.58万股，占流通股的比例为2.24%。根据测算，今日浮盈赚取约 97.08万元。连续3天上涨期间浮盈赚取355.45万元。 12月24日，联芸科技涨1.37%，截至发稿，报46.02元/股，成交2.75亿元，换手率2.05%，总市值211.69 亿元。联芸科技股价已经连续3天上涨，区间累计涨幅5.19%。 资料显示，联芸科技(杭州)股份有限公司位于浙江省杭州市滨江区西兴街道阡陌路459号C楼C1-604室， 成立日期2014年11月7日，上市日期2024年11月29日，公司主营业务涉及联芸科技是一家提供数据存储 主控芯片、AIoT信号处理及传输芯片的平台型芯片设计企业。主营业务收入构成为：数据存储主控芯 片产品85.68%，AIoT信号处理及传输芯片产品11.77%，其他2.55%。 从联芸科技十大流通股东角度 截至发稿，田光远累计任职时间4年292天，现任基金资产总规模754.08亿元，任职期间最佳基金回报 129.64%， 任职期间最差基金回报-46.65%。 风险提示 ...

风口之上，存储芯片市场的景气度周期已经开启。 在这种背景下，行业龙头也加快了拥抱资本市场的步伐。存储芯片"一哥"兆易创新的港股IPO，只差临门一脚。 12月17日，兆易创新发布公告称，其已在港交所网站刊登聆讯后资料集，这意味着公司已经通过了最重要的聆讯阶段。 根据港交所主板《上市规则》，上市申请表的有效期为6个月，而兆易创新在今年6月19日递交的上市申请表于12月19日已满6个月，因此聆讯后资料集链接 也会自动失效。 据媒体报道，兆易创新原可在12月19日再同步更新表格及刊登聆讯后资料集，但或许是为了确保在今年12月31日前完成招股书注册，兆易创新才选择在12月 17日披露聆讯后资料集，并启动注册程序。 从财报层面上来看，兆易创新的账面资金充足。因此，此次赴港上市，紧迫性并不强烈。财报数据显示，截至今年三季度末兆易创新的货币现金高达100.1 亿元，同比增长8.07%，拉长周期看其货币现金已经创出新高。 且在存储芯片涨价驱动下，兆易创新的业绩表现也相当亮眼。 | 项目 | 本报告期 | 本报告期 比上年同 期增減变 动幅度 | 年初至报告期末 | 年 期: 트 动 | | --- | --- | --- | ...

Core Viewpoint - Longxin Semiconductor Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [2]. Group 1: Company Overview - Longxin Semiconductor was established in 2006 and is a leading designer of high-speed mixed-signal chips, focusing on building efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As of December 23, 2023, Longxin Semiconductor's total market capitalization is approximately 9.793 billion RMB [3]. Group 2: Market Position - According to Frost & Sullivan, Longxin Semiconductor ranks first in the mainland China video bridging chip market and is among the top five fabless design companies globally by revenue in 2024 [3]. Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 are reported as 240.938 million RMB, 323.147 million RMB, 466.003 million RMB, and 389.203 million RMB respectively [4]. - The corresponding net profits for the same periods are 69.206 million RMB, 102.696 million RMB, 144.412 million RMB, and 124.508 million RMB [4]. Group 4: Dividend Distribution - Longxin Semiconductor has distributed dividends of 29.6 million RMB, 20.8 million RMB, 96.5 million RMB, and 71 million RMB for the years 2022, 2023, 2024, and the first nine months of 2025, totaling 217.9 million RMB [5]. Group 5: Shareholding Structure - Prior to the IPO, Feng Chen directly held 37.53% of the shares and controlled an additional 3.31% through Chip Wealth, along with 3.45% voting rights through an irrevocable proxy from his mother, totaling approximately 44.29% control [7].

Group 1: New Listings on Hong Kong Stock Exchange - Nobikang (HK02635) and Qingsong Health (HK02661) had a strong debut, with Nobikang closing at HKD 371 per share, up 363.75%, achieving a total market capitalization of HKD 14.049 billion; Qingsong Health closed at HKD 58.7 per share, up 158.82%, with a total market capitalization of HKD 12.114 billion [1] - Hansai Aitai-B (HK03378) experienced a decline, closing at HKD 17.2 per share, down 46.25%, with a total market capitalization of HKD 2.343 billion [1] - The contrasting performances of these three new stocks reflect investor preferences and the misalignment of fundamentals and valuations, indicating a more rational investment approach [1] Group 2: Upcoming IPOs - Haizhi Technology has submitted a listing application to the Hong Kong Stock Exchange, ranking fifth among industrial-grade AI providers in China by projected 2024 revenue, and first among image-centric AI providers [2] - Longxun Co., Ltd. has also filed for a listing, focusing on high-speed mixed-signal chip design for smart visual terminals and AI applications, leading the domestic video bridging chip market and ranking among the top five globally in the fabless design sector [3] - Weichai Lovol has submitted its listing application, recognized as a leading provider of smart agricultural solutions in China, aiming to enhance agricultural sustainability through intelligent machinery and technology [4] Group 3: Market Performance - On December 23, the Hong Kong stock market index closed at 25,774.14, down 0.11%, with the old biotechnology sector index at 5,488.89, down 0.69%, and the technology sector index at 8,913.83, down 0.29% [5]

停牌前3天涨超20%，"易主方案"出炉并复牌后，中国高科（SH600730）却连续遭遇了两个跌停。 是利好兑现，还是市场在表达对新东家"空手而来"的失望？ 图片来源：网页截图 近期，就中国高科的新控股股东情况，眺远咨询董事长兼CEO高承远向《每日经济新闻》记者表达了他的看法。 高承远认为，就目前来说，新的间接控股股东只拿了中国高科的上层股权，未向上市公司注入任何资产，现在只是"买平台"，并非"借平台上市"。 长江半导体仅成立一个月，它是"空手而来"，但其股东背景是湖北国资加产业基金，手里握着长江存储、武汉新芯等芯片项目储备，有可操作空间。 中国高科：做不做半导体要看公司未来战略是否调整 中国高科（SH600730）复牌后，股价已遭遇了两个跌停。 12月12日晚，由于筹划控制权变更，中国高科宣布停牌。12月19日晚间，中国高科披露，公司间接控股股东新方正控股发展有限责任公司（下简称新方正集 团）与湖北长江世禹芯玑半导体有限公司（下简称长江半导体）签署了股权转让协议，约定新方正集团向长江半导体转让其所持有的方正国际教育咨询有限 责任公司（下简称方正国际教育）100%股权。 若上述股权转让完成，长江半导体将成为中国 ...

维科网12月23日信息，科大国盾量子技术股份有限公司12月20日发布公告，宣布将研发"国盾量子EDA软件"，正式进军量子芯片设计工具领域。 根据公告，公司计划投入870万元，与关联企业曲泉（武汉）科技有限公司合作开发该软件，目标是打造用于未来超导量子计算芯片设计的"准工业级EDA 软件"。 量子EDA，又一"猛虎"入局 全文字数：1466字，预计阅读时间：4分钟 题图：AI生成 国盾量子入局之机 不过，国盾量子并非量子EDA赛道上的唯一玩家。 今年5月，另一家国产量子企业——本源量子已发布支持超导和半导体双平台的Q-EDA软件"本源坤元"。而在更早之前的2023年4月，量旋科技也发布了量 子芯片EDA工具"天乙"。 国盾量子此次入局，与其业务从量子通信向量子计算硬件的战略拓展密切相关。 公开资料显示，国盾量子发源于中国科学技术大学，成立于2009年5月27日，是中国最早从事量子信息技术产业化的企业，早期以参与建设世界首条远距 离量子保密通信干线"京沪干线"而知名。近年来，其业务已开始逐渐铺开，全面覆盖量子通信、量子计算和量子精密测量三大领域。 2020年7月，公司在科创板上市，成为量子科技领域首家A股上市公司 ...

Group 1 - The core point of the article is that Longxun Co., Ltd. (688486.SH) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - Longxun Co., Ltd. is a leading high-speed mixed-signal chip design company, ranked first in the video bridge chip market in mainland China and among the top five globally according to 2024 revenue [3] - The company aims to provide services for smart terminals, devices, and AI applications, focusing on building an efficient and reliable "data highway" [3] Group 2 - Longxun Co., Ltd. is currently listed on the A-share Sci-Tech Innovation Board, having raised 1.03 billion RMB during its IPO in February 2023 [4] - The company's projected revenues for 2022, 2023, and 2024 are 241 million RMB, 323 million RMB, and 466 million RMB respectively, with smart video chips accounting for over 80% of revenue [4] - The revenue growth rates from 2022 to 2024 are 2.6%, 34.1%, and 44.2%, with a 16.7% growth rate reported for the first three quarters of 2025 [7][8] Group 3 - The gross profit margins for the years 2022 to 2025 are 58.8%, 53.6%, 54.3%, and 54.5% respectively [7] - Net profits for the years 2022, 2023, and 2024 are reported as 690 million RMB, 1.027 billion RMB, and 1.444 billion RMB, with 125 million RMB for the first three quarters of 2025 [9] - The company faces risks related to high customer concentration, with the top five customers accounting for 47.0%, 49.4%, 51.6%, and 53.9% of sales from 2022 to the first three quarters of 2025 [11]

证券研究报告 #大类资产：技术帖：如何量化央行购金对金价的影响？ 核心观点：我们根据过去黄金 ETF 规模与金价的线性关系倒推出金价隐 含的黄金 ETF 需求。统计结果显示，投资需求每增加 1 吨，金价上涨 0.46$/oz。2023 年以来，二者残差不断扩大，我们发现全球央行购金行为 可解释 92.78%的残差变化，由此得出金价 = f [美元利率，美元信用] = f [g(黄金 ETF 规模)，h(央行购金规模)]的二元模型。向前看，全球央行的 购金潮很难停滞，这为金价的中枢上移提供了强有力的支撑。 海外周报 20251221：降息交易陷入纠结，市场静待"圣诞老人"行情 核心观点：本周公布的美国 11 月非农就业好于预期但失业率意外上行， 11 月美国 CPI 同比大幅逊于预期，二者均令降息预期一度小幅升温，但 数据质量的缺陷令市场的宽货币交易程度相对有限。本周欧、英日央行公 布议息决议，欧、英央行均释放偏鹰派信号，市场小幅押注 2026 年欧央 行加息预期。大类资产方面，本周美股被科技股情绪和降息预期所主导， 全周走势震荡。临近圣诞假期，海外数据和交投趋于平淡，下周关注 25Q3 美国 GDP，我们预期 ...