格隆汇12月22日丨概伦电子(688206.SH)公布，截至本公告披露日，公司首次公开发行股票募投项目中 的"建模及仿真系统升级建设项目"已于2025年11月30日达到预定可使用状态，满足结项条件；"设计工 艺协同优化和存储EDA流程解决方案建设项目"已于2025年11月30日达到预定可使用状态，满足结项条 件；"研发中心建设项目"已于2025年12月18日达到预定可使用状态，满足结项条件。公司决定对上述募 投项目予以结项，上述募投项目结项后，预计相关项目涉及募集资金节余金额合计为16,594.48万元（包 含募集资金产生的银行存款利息，实际金额以相关募集资金专户于资金转出当日银行结息后的余额为 准）。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：钟离 ...

Core Viewpoint - The article highlights the progress of domestic EDA (Electronic Design Automation) companies in China, particularly focusing on the IPO process of Chip and Semiconductor Technology (Shanghai) Co., Ltd., which has completed its IPO counseling and is now entering the Sci-Tech Innovation Board application process, indicating a rapid acceleration in the industry's capitalization process [1]. Group 1: Company Overview - Chip and Semiconductor Technology specializes in EDA software development, covering a full chain of business from chip design to system-level design, with a core focus on advanced packaging simulation and system-level EDA tools [2][3]. - The company has developed multi-physical engine technologies for SI/PI/electromagnetic/thermal/stress simulations, creating a comprehensive EDA solution that supports high-performance computing chip design, applicable in sectors like 5G, smartphones, IoT, AI, and data centers [3]. Group 2: Industry Recognition and Partnerships - The company has received recognition as a national-level "specialized and innovative" small giant enterprise and has won the National Science and Technology Progress Award for its project on RF system design automation, establishing itself as a benchmark in the domestic EDA field [4]. - Partnerships have been formed with notable companies such as SMIC and Samsung, and it is the first domestic EDA company to join the UCIe Chiplet industry alliance, enhancing its influence in the industry [4]. Group 3: Financial Performance and Growth - The company has completed multiple rounds of financing, with over 100 million yuan raised in its B round in 2021, and the latest round in October 2022 involved investments from various notable institutions, providing strong support for its technological development [4]. - Projected revenues for 2023 and 2024 are 106 million yuan and 265 million yuan respectively, with the latter year expected to achieve profitability, indicating significant improvement in its commercial capabilities [4]. Group 4: Market Context - The A-share market has seen the emergence of three listed EDA companies, forming a capitalization ladder for domestic EDA enterprises, with combined revenues exceeding 900 million yuan in the first half of 2025, showcasing a strong growth trend in the industry [6]. - However, there is a noticeable differentiation in growth structure and profitability among these companies, reflecting the evolving competitive landscape within the rapidly developing domestic EDA sector [6].

近日，中国证券监督管理委员会披露了《中信证券股份有限公司关于芯和半导体科技（上海）股份有限 公司首次公开发行股票并上市辅导情况报告》。 根据辅导报告，中信证券作为辅导机构，对芯和半导体进行了全面的上市前规范指导。经辅导，中信证 券认为，芯和半导体已建立起符合上市公司要求的公司治理结构、会计基础工作和内部控制制度。公司 及其董事、高级管理人员、主要股东和实际控制人已全面掌握发行上市、规范运作相关的法律法规，知 悉信息披露与承诺履行的责任与义务。相关主体已树立进入证券市场的诚信意识、自律意识和法治意 识。这标志着芯和半导体在财务、法律、公司治理及资本市场规则理解等方面已为公开发行股票奠定了 坚实基础。 芯和半导体科技（上海）股份有限公司成立于2010年，是一家专注于EDA软件工具研发的高新技术企 业。公司围绕 "STCO（系统工艺联合优化）集成系统设计" 进行战略布局，核心技术覆盖信号完整性 （SI）、电源完整性（PI）、电磁、电热、应力等多物理仿真领域。 公司以 "仿真驱动设计" 为理念，致力于提供从芯片、封装、模组、PCB板级、互连到整机系统的全栈 集成系统EDA解决方案，并重点支持Chiplet（芯粒）先进 ...

Core Viewpoint - The article discusses the future of China's hard technology industry, emphasizing the transition from "single-point breakthroughs" to "ecological collaboration" and the establishment of sustainable business loops over the next five years [1]. Group 1: Chip Industry - The domestic chip industry is under scrutiny, particularly with the recent approval of NVIDIA's H200 chip for sale in China, which poses a challenge for domestic companies like Muxi Co., a successful case incubated by patient capital [3]. - Muxi's CTO, Yang Jian, highlights that the focus on supply chain security has surpassed mere technical parameters, indicating a shift in customer procurement logic from "technological superiority" to a comprehensive consideration of "safety, cost, and long-term service" [3]. - Yang believes that within 2-3 years, China can establish a complete closed loop for robot chips, which presents a critical window for domestic chips amid the competition from NVIDIA [3]. Group 2: EDA Tools - The autonomy and control of EDA tools are crucial for chip design, with a recognition of the conflict between the capital's desire for quick returns and the high investment and long cycles inherent in EDA [4]. - The vice president of Hejian Technology, Wu Xiaozhong, notes that capital investors, such as the National Big Fund, are showing greater patience, which is a positive change for the industry [4]. - The company is transitioning from single-point tool breakthroughs to a full-process layout, with a complete solution from software simulation to hardware prototype verification, particularly optimized for domestic intelligent computing chips [4]. Group 3: Robotics - Cloudy Technology's vice president, Xie Yunpeng, reports that their service robots have been deployed in nearly 40,000 enterprises, with over 500 million service instances expected in 2024 [4]. - Xie emphasizes that the challenge is not just in manufacturing but in enhancing product intelligence by integrating large model capabilities [5]. - The company is exploring an open mobile platform ecosystem, inviting partners to co-create upper-layer applications, moving beyond existing products [5]. Group 4: New Materials - The value of new materials is often overlooked, yet they are fundamental to system performance, as highlighted by Tang Xuan, secretary of the board at Nalin Weina Technology [6]. - The company has developed composite materials by nano-sizing rare metals and evenly dispersing them in plastic substrates, achieving significant energy-saving effects in sectors like aviation and high-speed rail [6]. - Tang emphasizes the shift from a "procurement relationship" to a "co-developer" model with clients, which is seen as a core innovation model for the next five years in the materials field [6]. Group 5: Industry Collaboration - The five executives agree on the importance of collaboration across different sectors, stating that the era of individual breakthroughs is over [6]. - They stress that only through upstream and downstream cooperation can the industry shorten verification cycles, co-build testing scenarios, and share innovation dividends, transforming "usable" into "well-used" and making "domestic" the preferred choice [6].

未来五年中国硬科技产业如何从"单点突破"迈向"生态协同"，并构建可持续的商业闭环。 18日，在2025第一财经资本年会上，来自机器人、芯片、EDA软件及新材料领域的五家代表性企业——云迹科技、上海开普勒机器人、沐曦股份、合见工 软与纳琳威纳米科技的高管齐聚一堂，共同探讨了未来五年中国硬科技产业如何从"单点突破"迈向"生态协同"，并构建可持续的商业闭环。 终端应用是技术价值的最终体现，机器人也是当下的热门行业。云迹科技副总裁谢云鹏分享了一组亮眼数据：公司的服务机器人已落地近4万家企业客户， 包括酒店、工厂、商超、医院等多元场景，2024全年服务次数超5亿次。他表示，目前生产制造环节已不是服务型机器人最大的挑战，而是如何在产品上叠 加大模型的通用的能力实现进一步的智能化。 谢云鹏强调，未来机器人不仅是B端降本增效的工具，更要泛在化地融入日常生活。为此，云迹正探索开放的移动平台生态，邀请合作伙伴共创上层应用。 他呼吁上游伙伴与终端厂商"双向奔赴"，共同面向未来场景研发，而非固守现有产品。 作为算力基石，芯片的国产化进程一直备受关注。刚刚在科创板上市的沐曦股份作为耐心资本孵化出的成功案例在会场上频频被"cue"，但在 ...

Core Insights - Huada Jiutian maintains the leading market share in the EDA software sector, which is essential for various stages of integrated circuit design and manufacturing [1] - EDA tools are critical components of the integrated circuit industry chain, serving as a strategic foundation [1] - The company's EDA software products and services cover multiple areas, including analog circuit design, memory circuit design, RF circuit design, digital circuit design, flat panel display circuit design, wafer manufacturing, advanced packaging design, and 3DIC design [1] - The analog circuit design EDA tool system is globally leading [1] - As a technology-driven enterprise, the company consistently invests a high proportion of its revenue in R&D [1] - Future plans include increased investment and acquisition efforts [1] - The company is positioned as a leading player in the EDA software market, with significant advantages in market share, technological accumulation, downstream applications, and industry layout [1] - The outlook for the company is positive, with expectations of continued benefits from the rising prosperity of the integrated circuit industry chain, leading to a "buy" rating [1]

Group 1 - The core point of the news is that EDA manufacturer Quanxin Zhizao has completed the filing for its initial public offering (IPO) in Anhui, with Guotai Junan as the advisory institution, marking a significant step for the company in the semiconductor manufacturing sector [1] - Quanxin Zhizao is the first domestic EDA software company focused on semiconductor manufacturing and is recognized as a "specialized, refined, distinctive, and innovative" unicorn enterprise in China, leading the domestic EDA market [1] - Major shareholders include Huada Semiconductor and the National Integrated Circuit Industry Investment Fund, holding 11.97% and 11.11% of the company, respectively [1] Group 2 - According to Xingye Securities, EDA is the upstream industry of the integrated circuit industry chain and serves as a cornerstone for chip design, playing a crucial role in driving innovation in chip design [1] - A forecast by the China Business Industry Research Institute predicts that the EDA market size in China will reach 14.95 billion yuan by 2025, while the domestic EDA tool localization rate is expected to be less than 15% in 2024, indicating significant growth potential [1] - The domestic EDA industry is transitioning from "single-point breakthroughs" to "full-process coverage," enhancing overall competitiveness through resource integration [1] Group 3 - Zhongyuan Securities noted an increasing trend of deep integration between EDA and IP businesses with GPU design, exemplified by NVIDIA's investment of $2 billion in a project led by Synopsys to combine NVIDIA's GPU acceleration platform with Synopsys' EDA and IP products [2] - Green通科技 has indirectly held equity in Quanxin Zhizao through its industrial fund and has announced plans to acquire 51% of Jiangsu Damo Semiconductor Technology for 530 million yuan, focusing on semiconductor front-end measurement equipment and technical services [3] - Shanghai Beiling's largest shareholder, Huada Semiconductor, is also the second-largest shareholder of Quanxin Zhizao, indicating interconnected interests within the semiconductor sector [4]

Core Viewpoint - The article emphasizes the significance of the upcoming earnings season in December for U.S. stocks, highlighting the potential for significant stock price volatility and the effectiveness of options as a tool for investors to amplify returns during this period [1][2]. Earnings Calendar - A detailed schedule of key U.S. companies' earnings releases for December 2025 is provided, including companies like AutoZone, GameStop, Adobe, and Nike, with specific dates and times for earnings announcements [1][2]. Options Strategies - The article outlines five classic options strategies that can be employed during earnings season: - **Buy Call**: A strategy for bullish investors expecting significant price increases [4][6]. - **Bull Call Spread**: A moderate bullish strategy with limited upside potential [7]. - **Buy Put**: A strategy for bearish investors anticipating significant price declines [9]. - **Bear Put Spread**: A moderate bearish strategy with limited downside potential [11]. - **Long Straddle**: A strategy for investors expecting high volatility in either direction [13]. Strategy Details - Each strategy includes specific scenarios for application, initial costs, potential returns, and risk profiles: - **Buy Call**: High potential returns with unlimited upside and maximum loss equal to the premium paid [6]. - **Bull Call Spread**: Limited risk and reward, with a defined maximum profit and loss [7]. - **Buy Put**: Limited maximum profit with a defined risk equal to the premium paid [9]. - **Bear Put Spread**: Similar to the Buy Put but with reduced risk and capped profit [11]. - **Long Straddle**: Captures significant price movements in either direction, with defined risk limited to the total premium paid [13]. Trading Considerations - The article advises investors to focus on the breakeven points of their strategies and to select options with sufficient time until expiration to avoid liquidity issues and time decay [4][6].

董秘回答(华大九天SZ301269)： 尊敬的投资者您好，公司的研发费用均在发生当期进行费用化处理，未进行资本化。公司目前仍处于快 速发展期，与战略客户的合作项目不断增加，需要相应增加研发人员数量，因此研发投入不断增加。 EDA软件具有技术难度高、研发周期长等特点，同时技术成果转化需要完整工具链协同和生态适配， 研发投入转化为营业收入需要一定周期。感谢您的关注！查看更多董秘问答>> 投资者提问： 公司前三季研发费用高达5.57亿元，占营收比达69.2 ％。请问，公司研发投入都是费用化吗？各类人工 智能大模型的应用和推广，很多专业软件公司都能通过减员、降本、提高研发效率等手段达到增效效 果。公司研发投入一直高企，虽是必需，但是这种投入并没有带来高营收增长，商业转化效率不高，有 没有措施能解决这个矛盾？谢谢 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Group 1: Market Strategy and Economic Outlook - The current market is transitioning from a "technology bull" to a "wealth bull," indicating a favorable time to invest in cyclical sectors [6][10] - The third quarter of 2025 shows a recovery in profitability, with A-share cumulative profit growth expected to reach 11% in 2026, marking a shift to an earnings-driven bull market [14] - The "15th Five-Year Plan" suggests a need for GDP growth of at least 4.1% annually, indicating a supportive environment for cyclical industries [7] Group 2: Industry Performance Insights - The computer industry experienced a revenue increase of 10.5% year-on-year in the first three quarters of 2025, with net profit rising by 47.77% [19] - The materials and manufacturing sectors showed a significant improvement in free cash flow, with a year-on-year increase of 1,100 million yuan in the third quarter [16] - The TMT sector's capital expenditure (CAPEX) expansion is impacting cash flow, with a notable decrease in free cash flow by 928 million yuan in the third quarter [15] Group 3: Company-Specific Analysis - Huada Jiutian reported a revenue of 8.05 billion yuan in the first three quarters of 2025, with a significant decline in net profit due to reduced government subsidies [46][47] - Jiuzhou Pharmaceutical achieved a revenue of 41.60 billion yuan, with a net profit increase of 18.51%, driven by a stable CDMO business [50][51] - New Dairy's revenue for the first three quarters reached 84.34 billion yuan, with a net profit increase of 31.48%, indicating strong operational performance [53][54]