从订单结构来看，第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占 比超84%，数据处理领域订单占比近76%。 而芯原股份订单的逐季攀升是全球AI算力需求爆发的必然结果。当前，市场对高算力芯片尤其是专用 AI ASIC芯片的需求激增。 同时，这一增长也离不开芯原股份自身的先进技术积淀。目前，其手握六类处理器IP及1600余个数模混 合IP、射频IP。据IPnest统计，芯原股份还是2024年中国大陆半导体IP授权服务提供商首位、全球第八 位。 12月26日晚，芯原股份披露订单公告称，在今年10月1日至12月25日，公司新签订单24.94亿元，较去年 第四季度全期大幅增长129.94%，较今年第三季度全期进一步增长56.54%。至此，芯原股份单季度新签 订单已连续三个季度创历史新高。 据其此前披露数据，今年前三季度芯原股份新签订单已达32.49亿元，叠加此次披露的数量，年内新签 订单已近60亿元。将为公司未来营业收入增长提供有力的保障。 受消息提振，芯原股份29日早盘一度涨超13%，收盘市值711亿。 在订单井喷式背景下，芯原股份的盈利能力也在持续改善。今年前三季度，芯原股份实现营收22 ...

结论与建议： 盈利预测：公司从五年前开始布局Chiplet 技术及其在生成式人工智能和智慧驾驶上的应用，并持续开 拓增量市场和具有发展潜力的新兴市场，拓展行业头部客户，未来有望实现业绩高速增长。我们预计公 司2025-2027 年营收30.6 亿元、54.1 亿元和84.7 亿元，YOY 分别增长32%、77%和57%，实现净利润 0.26 亿、2.7 亿元和6.4 亿元，EPS 分别为0.05元、0.51 元和1.21 元，目前股价对应2027 年PS 8 倍，考 虑到公司业绩潜力较大，维持买进建议。 公司公告，4Q25（10 月至12 月25 日）新签订单25 亿元，较4Q25 全期增长130%，环比3Q25 全期增长 56%。公司及行业高速增长趋势得到进一步验证。展望未来，互联网厂商持续增加AI 算力投入，打造 更为强大的计算体系，将加速互联网厂商在专用处理芯片ASIC 领域的布局，公司有望从行业变革中持 续受益。目前公司股价对应2027 年PS（市销率）8 倍，公司股价近期因股东减持及解禁股流通而调整 较多，构成长期买入机会，维持买入建议。 风险提示：AI 领域下游需求不及预期 大基金减持，长期影响有 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

长江商报消息 ●长江商报记者 沈右荣 "中国半导体IP第一股"芯原股份（688521.SH）发布的两份公告，引发市场关注。 12月26日晚，芯原股份发布的第一份公告为，2025年第四季度尚未结束，公司已经新签订单近25亿元，较2024年 第四季度猛增约1.3倍。其中，AI算力相关订单占比超84%。 芯原股份发布的第二份公告，则是股东减持。国家集成电路产业投资基金股份有限公司（简称"大基金"）计划在 未来三个月减持不超过公司1.7%的股份。这是大基金首次抛出减持计划。 芯原股份上市之前的2018年12月，公司引进大基金作为战略投资者，如今，大基金已经陪伴了7年。 值得一提的是，本次大基金减持，可能与芯原股份联合投资有一定关系。 12月12日，芯原股份公告，联合大基金等投资方收购逐点半导体（上海）股份有限公司（简称"逐点半导体"）的 控制权，交易完成后，芯原股份将取得目标公司控制权。 此举，芯原股份称，将优化公司产业布局，提升综合竞争力。 第四季度订单猛增 芯原股份签下的订单迅猛增长，预示着公司未来发展向好。 12月25日晚，芯原股份发布新签订单的自愿性披露公告。2025年10月1日至12月25 日，芯原股份新签 ...

Key Points - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, expanding fiscal spending and optimizing government bond tools [2] - The Ministry of Finance plans to support consumer goods replacement programs in 2026 to boost consumption [3] - The establishment of a standardization committee for humanoid robots and embodied intelligence aims to enhance high-quality standard supply and promote technology application [5] - The National Data Bureau emphasizes the need for financial institutions to support data technology innovation, encouraging long-term and quality capital investments in the sector [6] - The People's Bank of China has revised the rules for the cross-border RMB payment system to improve management and facilitate business operations [7] - The China ETF market has reached a record high of 6.03 trillion yuan, with significant growth in the number of ETFs and their total assets [9] - Xinwan Technology reported a significant increase in new orders, with AI computing orders accounting for over 84% of the total in Q4 2025 [10] - Shengyuan Environmental Protection reported a substantial loss from a fund investment, leading to legal actions and claims for recovery [11][12] - Xinyuan Technology is facing a lawsuit over quality issues related to battery cells delivered to a client, with the amount in dispute reaching 2.314 billion yuan [13] - Zhejiang Rongtai plans to establish a joint venture in Thailand with Weichuang Electric to develop mechatronic systems for smart robots [13] - The report from Galaxy Securities highlights the structural characteristics of the economy and suggests that high-end industries and related raw materials will remain key areas of focus for investment [21] - CITIC Securities indicates that GaN technology is crucial for the next generation of robotics, enhancing performance and efficiency [22]

Core Insights - The company, Chip Origin Co., Ltd., reported a record high in new orders for the period from October 1 to December 25, 2025, amounting to 2.494 billion yuan, marking a significant increase of 129.94% year-over-year and 56.54% quarter-over-quarter [2] - The majority of new orders are for one-stop chip customization services, with over 84% related to AI computing power and nearly 76% in the data processing sector, highlighting the company's competitive strength in these core business areas [2] - The founder and chairman, Dai Weimin, indicated a shift in computing power layout from a cloud-centric model to a collaborative "cloud + edge + end" approach, driven by the evolution of AI applications [2] Industry Trends - Dai Weimin noted that while the demand for cloud-side training cards is rapidly increasing due to the large model era, the long-term growth will come from the need for inference and personalized fine-tuning on the terminal side [3] - Terminal-side fine-tuning and inference cards are expected to penetrate various applications, including smartphones, PCs, automotive terminals, and industry-specific devices, due to their advantages in privacy protection, real-time response, and cost control [3] - By 2028, it is anticipated that the number of foundational large models in China will be fewer than 10, leading to a concentrated market where top models leverage computing power, data, and ecosystem advantages, reinforcing the importance of terminal-side computing power products [3]

格隆汇12月26日丨芯原股份(688521.SH)公布，2025年10月1日至2025年12月25日，芯原微电子（上海） 股份有限公司新签订单24.94亿元，较去年第四季度全期大幅增长129.94%，较今年第三季度全期进一步 增长56.54%，继2025年第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公 司未来营业收入增长提供有力的保障。截至2025年12月25日，公司第四季度新签订单金额中绝大部分为 一站式芯片定制业务订单，AI算力相关订单占比超84%，数据处理领域订单占比近76%。 ...

Group 1 - China Duty Free Group's subsidiary won the bid for the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 480 million yuan for the first year and a sales commission rate of 5% [1] - The project will enhance the company's channel advantages at core domestic airports, catering to diverse shopping needs of inbound and outbound travelers, thus promoting high-quality development of airport duty-free business [1] - Successful implementation of the project is expected to positively impact the company's future operating performance [1] Group 2 - Chipone Technology reported that over 84% of new orders in Q4 2025 are related to AI computing power, with total new orders amounting to 2.494 billion yuan, marking a significant year-on-year increase of 129.94% [2] - The company also noted a 56.54% increase in new orders compared to Q3 2025, indicating strong growth momentum [2] - The majority of new orders are for one-stop chip customization services, with nearly 76% related to data processing [2] Group 3 - Jinfeng Technology announced the termination of its planned acquisition of at least 51% equity in Guangdong Lanyuan Technology due to failure to reach agreement on key transaction terms [3] Group 4 - Zhejiang Rongtai plans to establish a joint venture in Thailand with Suzhou Weichuang Electric Technology to develop and produce mechatronic components and intelligent drive systems for the robotics market, with both parties holding 50% equity [4] - The cooperation agreement is currently in the intent stage and requires further negotiation and implementation [4] Group 5 - Hainan Huatie was fined 8 million yuan by the China Securities Regulatory Commission for incomplete disclosure of a 3.69 billion yuan computing power service agreement and for failing to timely disclose significant contract developments [5] - The company and its executives are required to rectify the issues and have received warnings [5] Group 6 - Shengyuan Environmental Protection reported a cumulative net value growth rate of -81.54% for a private fund product, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's most recent audited net profit [6] - The company has initiated a redemption process for the fund and has reported the situation to law enforcement and the securities regulatory authority [6] Group 7 - Huasoft Technology intends to acquire 67% of the equity in Lain Optoelectronics [7] - Longgao Co., Ltd. is set to transfer 4.37% of its controlling shareholder's equity to Zijin South Investment [7] Group 8 - Jianghe Group's subsidiary won a bid for the urban renewal project in Haikou City with a bid amount of approximately 112 million yuan [8] - Yuntian Lifelight secured a project worth 122 million yuan and established a strategic partnership with 360 Group [8] - Other companies reported various project wins and contracts, indicating active market engagement [8]

智通财经APP讯，芯原股份(688521.SH)发布公告，2025年10月1日至2025年12月25日，公司新签订单24.94亿元，较去年第四季度全期大幅增长129.94%，较 今年第三季度全期进一步增长56.54%，继2025年第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公司未来营业收入增长提供有 力的保障。 截至2025年12月25日，公司第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占比超84%，数据处理领域订单占比近76%。 ...

截至2025年12月25日，公司第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相 关订单占比超84%，数据处理领域订单占比近76%。 智通财经APP讯，芯原股份(688521.SH)发布公告，2025年10月1日至2025年12月25日，公司新签订单 24.94亿元，较去年第四季度全期大幅增长129.94%，较今年第三季度全期进一步增长56.54%，继2025年 第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公司未来营业收入增长提供 有力的保障。 ...